STAM Extends Eildon Capital Takeover Offer to November 5 at A$0.875
Samuel Terry Asset Management extends its takeover offer for Eildon Capital Group, reaffirming a final price of A$0.875 per security and pushing the offer deadline to November 5, 2025.
- Offer price fixed at A$0.875 per Eildon Capital stapled security
- STAM’s relevant interest in Eildon Capital exceeds 70%
- Offer unanimously recommended by Eildon Capital’s Independent Board Committee
- Offer period extended to 5 November 2025
- Potential delisting and reduced liquidity warned if offer not accepted
STAM’s Takeover Offer – Firming the Terms
Samuel Terry Asset Management Pty Ltd (STAM) has issued its second supplementary bidder's statement regarding its ongoing takeover bid for Eildon Capital Group (EDC). The key highlight is the firm declaration that the offer price of A$0.875 per stapled security is "best and final" in the absence of any competing proposals. This move signals STAM’s confidence in its position after securing acceptances that push its ownership stake beyond 70%, a threshold that typically discourages rival bids.
Why Securityholders Should Act Now
STAM is urging remaining Eildon Capital securityholders to accept the offer promptly. The rationale is multifaceted – the offer enjoys unanimous recommendation from Eildon Capital’s Independent Board Committee and has been deemed fair and reasonable by an independent expert. Moreover, the all-cash nature of the offer provides certainty amid an environment where liquidity for EDC securities is already limited and expected to worsen if the offer closes without full acceptance.
Securityholders who choose not to accept risk becoming minority holders in a company controlled by STAM, potentially facing diminished trading volumes and price discounts. STAM also plans to pursue delisting Eildon Capital from the ASX post-offer, which would further restrict liquidity and market access for remaining shareholders.
Extension of Offer Period and Conditions
The offer period has been extended to 7 – 00pm Sydney time on Wednesday, 5 November 2025, providing additional time for securityholders to consider the proposal. This extension also shifts the deadline for STAM to notify the status of offer conditions to 29 October 2025. As of the date of this statement, none of the offer conditions have been fulfilled, leaving the offer still subject to these conditions.
The extension and reaffirmation of terms underscore STAM’s strategic intent to consolidate control over Eildon Capital while minimizing the risk of competing bids. The unanimous board recommendation and expert fairness opinion add weight to the offer’s appeal, but the unresolved conditions inject an element of uncertainty.
Looking Ahead
With STAM’s stake now above 70%, the likelihood of a competing proposal appears slim, but not impossible. The extended offer period may attract last-minute interest or prompt further negotiations. Meanwhile, securityholders face a critical decision – accept a guaranteed cash price now or risk holding illiquid shares in a potentially delisted entity.
Bottom Line?
As the offer deadline approaches, Eildon Capital securityholders must weigh certainty against uncertainty in a narrowing window.
Questions in the middle?
- Will any competing proposals emerge before the extended deadline?
- What are the specific conditions yet to be fulfilled for the offer to become unconditional?
- How will potential delisting impact remaining minority securityholders’ ability to realise value?
