Brillian APAC Pty Ltd cancelled the acquisition of remaining 85.750073% stake in EROAD Limited.

Brillian APAC Pty Ltd made an offer to acquire the remaining 85.750073% stake in EROAD Limited (NZSE:ERD) for NZD1.3 on June 22, 2023. The NBIO is subject to a number of conditions, including due diligence on an exclusive basis, negotiation and execution of a scheme implementation agreement with customary terms and conditions, unanimous support from EROAD?s Board of Directors and approval from Volaris? investment committee. EROAD?s Board of Directors has commenced a process to consider the NBIO alongside its advisors. As of July 12, 2023, board of EROAD has determined that the Volaris NBIO materially undervalues EROAD?s business. The Volaris NBIO therefore falls below the level at which the Board would be prepared to grant Volaris access to due diligence information, or to engage in negotiations on a scheme implementation agreement. As of July 10, 2023, Brillian held a 18.737% or 21,198,461 shares in the total capital of EROAD Limited.

Goldman Sachs acted as financial advisor and Chapman Tripp acted as legal advisor to EROAD Limited.

Brillian APAC Pty Ltd cancelled the acquisition of remaining 85.750073% stake in EROAD Limited (NZSE:ERD) on July 12, 2023. EROAD has rejected the takeover bid from Constellation Software, as it undervalues the transport fleet management business. The Board undertook a thorough review process assisted by its advisers Goldman Sachs and Chapman Tripp. The review concluded that the NBIO materially undervalues EROAD. The Board remains committed to acting in the best interests of EROAD and maximizing value for shareholders.