Private equity firm Adamantem Capital has finalised its due diligence process regarding Apiam Animal Health, following its initial non-binding indicative offer made in August. Apiam Animal Health is an ASX-listed company that operates as a rural veterinary service provider, offering a range of animal health solutions and services to farmers and pet owners. Adamantem specialises in investments that promote sustainability and positive environmental impact.
The offer from Adamantem stands at 87 Australian cents per share. This represents a 17.5 per cent premium over Apiam’s closing price of 74 cents on the Tuesday before the offer. The proposed acquisition aims to take Apiam private, allowing for strategic realignment and further investment in its service offerings.
Crucially, major shareholder Chris Richards has signalled his support for Adamantem’s proposal. Richards has entered into an option deed with the private equity firm, which grants Adamantem the right to acquire 19.9 per cent of his shares at the stated bid price. This agreement underscores a significant step towards the potential acquisition of Apiam Animal Health by Adamantem, pending further regulatory approvals and shareholder considerations.
