Superloop Limited (ASX:SLC) made a non-binding indicative proposal to acquire Symbio Holdings Limited (ASX:SYM) for approximately AUD 250 million on August 1, 2023. As per the transaction, Symbio shareholders would receive AUD 1.425 cash and 2.14 Superloop shares for each Symbio share. Symbio shareholders would be able to elect to receive the Proposed Purchase Price in the form of cash or Superloop shares by way of a mix and match option under the scheme of arrangement. The terms of the indicative proposal also contemplate a fully franked dividend to Symbio shareholders prior to scheme implying a release of franking credits of up to AUD 0.15 per share. The transaction is subject to due diligence investigation, entry into definitive agreement and Symbio board approval. As of August 29, 2023, discussions and due diligence are continuing and the parties have agreed to extend exclusivity by an additional 2 weeks. As of September 12, 2023, Superloop confirms the due diligence and its discussions with Symbio regarding the Proposed Transaction are ongoing. Superloop further notes that the Proposal is preliminary and incomplete and there is no guarantee that any agreement will be reached or that a transaction will eventuate.

Jarden Australia Pty Limited and Moelis & Company acted as financial advisor and King & Wood Mallesons, Australia Branch acted as legal advisor to Symbio Holdings Limited. Luminis Partners Pty Ltd. acted as financial advisor and Baker & Mckenzie acted as legal advisor to Superloop Limited.

Superloop Limited (ASX:SLC) cancelled the acquisition of Symbio Holdings Limited (ASX:SYM) on September 29, 2023.