FIRB Clears Rover’s Full Acquisition of Mad Paws, Board Urges Shareholder Backing
Mad Paws Holdings has secured Foreign Investment Review Board approval for Rover Group’s full acquisition scheme, with the board unanimously recommending shareholder support.
- FIRB approval granted for Rover’s 100% acquisition of Mad Paws
- Scheme of arrangement remains subject to other conditions
- Mad Paws Board unanimously recommends voting in favor
- Board members hold 6.69% of shares and intend to support the scheme
- Shareholders advised no immediate action required
FIRB Approval Marks Key Milestone
Mad Paws Holdings Limited (ASX, MPA) has reached a significant regulatory milestone with the Foreign Investment Review Board (FIRB) granting approval for Rover Group, Inc.’s proposed acquisition of 100% of Mad Paws shares via a scheme of arrangement. This clearance from the Treasurer of the Commonwealth of Australia removes a major hurdle in the path toward completing the acquisition announced in July 2025.
Board’s Strong Endorsement
The Mad Paws Board has expressed unanimous support for the scheme, urging shareholders to vote in favor. This endorsement comes with the usual caveats, the absence of any superior proposal and a positive conclusion from an Independent Expert assessing the scheme’s benefits for shareholders. Notably, the directors collectively hold approximately 6.69% of Mad Paws shares and have committed to voting their shares in favor, signaling confidence in the deal’s value.
Scheme Conditions and Next Steps
While FIRB approval satisfies a critical condition under the scheme implementation deed, other conditions remain outstanding. The announcement does not specify timelines for these remaining conditions or the shareholder meeting to approve the scheme. Shareholders are advised that no immediate action is required at this stage, with the Board pledging to keep the market informed of material developments in line with continuous disclosure obligations.
Context in Australia’s Growing Pet Market
Mad Paws operates Australia’s leading online pet services marketplace, connecting over 300,000 active pet owners with a network of 70,000 registered pet carers. The platform facilitates hundreds of thousands of transactions annually in a rapidly expanding $30 billion Australian pet market. The acquisition by Rover, a global player in pet care services, could accelerate Mad Paws’ growth and integration into a broader international ecosystem.
Looking Ahead
With FIRB approval secured, the acquisition process enters its next phase, focusing on satisfying remaining conditions and securing shareholder approval. The Board’s strong recommendation and shareholding support provide a positive signal, but investors will be watching closely for any competing bids or shifts in the Independent Expert’s opinion.
Bottom Line?
FIRB approval clears a major regulatory hurdle, but the acquisition’s fate now hinges on shareholder endorsement and remaining conditions.
Questions in the middle?
- What are the remaining conditions that could still delay or derail the scheme?
- When will the shareholder meeting be scheduled to vote on the scheme?
- Could a superior proposal emerge to challenge Rover’s acquisition offer?
