Self-styled activist Jeremy Raper has little chance of swaying the Humm Group board to reject chairman and major shareholder Andrew Abercrombie’s $268 million bid. But he’s giving it a red-hot go anyway.
Speaking to Street Talk, the private investor voiced his frustration at the indicative offer to acquire Humm at 58¢ per share, noting it landed as the company traded around its record lows. But Raper’s primary beef is with the three-person independent board committee.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
