HRL Holdings updates on the receipt of non-binding indicative offer from ALS Limited

On 30 May 2022, HRL Holdings Limited (ASX: HRL) received an unsolicited, non-binding indicative offer from ALS Limited (ASX: ALQ) to acquire 100% ordinary shares of HRL for A$0.16 cash per share. The discussion between both the parties related to non-binding indicative offer are preliminary and incomplete. As of now, no agreement will be reached or that a transaction will eventuate.

On response to the offer, HRL entered into a Process Deed on 7 June 2022, where ALS was given an opportunity to undertake due diligence and negotiate transaction documentation on an exclusive basis to 20 July 2022.

HRL has agreed to certain due diligence, exclusivity, notification plus break fee provisions during this period.

Now, the ALS Proposal would depend on several conditions plus completion of due diligence and entering into mutually acceptable transaction documentation. Also, there is no certainty that the discussion will result into an acceptable proposal.

The HRL Board has advised its shareholders not to take any action related to the proposal.

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