Humm Group (ASX:HUM) has confirmed its independent board committee is progressing discussions regarding a potential takeover by Credit Corp (ASX:CCO), following the granting of access to confidential due diligence materials.
The move follows a confidentiality deed entered into on March 13, allowing Credit Corp to assess the business after its initial unsolicited, non-binding proposal.
Humm stated it has engaged constructively with the suitor since the approach was first made in November and is currently evaluating whether a formal binding offer can be recommended to shareholders.
While the newly formed independent committee continues to oversee the process, Humm cautioned that there is no certainty a transaction will eventuate and advised shareholders that no immediate action is required.