The Access Group Withdraws Takeover Proposal for intelliHR Limited

intelliHR Limited (ASX: IHR) has announced that The Access Group has formally withdrawn its takeover proposal, which had been announced on 03 April 2023. As a result, intelliHR's board committee has recommended that shareholders accept the Humanforce on-market takeover bid at 24 cents per share.

TAG also withdrew its proposal to make a conditional off-market takeover bid for 100% of IHR's shares at 21.5 cents per share or 21 cents per share, as well as its proposal to make an unconditional off-market takeover bid for 100% of IHR's shares at 23.5 cents per share. TAG has also requested consensual termination of the Transaction Implementation Deed and has sought payment of the break fee of AU$747,980 plus GST from the company.

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