Australian Laboratory Services Pty. Ltd. made an non-binding indicative offer to acquire HRL Holdings Limited (ASX:HRL) for AUD 79.1 million on May 30, 2022. Australian Laboratory Services Pty.

Ltd. entered into an agreement to acquire HRL Holdings Limited (ASX:HRL) for AUD 79.1 million on June 29, 2022. The offer price is AUD 0.16 cash per share. The transaction will be funded from ALS' cash reserves and existing debt capacity.

HRL a grees to pay to ALS the Break Fee of AUD 1.2 million ($800,000) being approximately 1% of the value of the consideration offered under the Proposal. The transaction is subject to various conditions, including completion of due diligence and entering into mutually acceptable transaction documentation. HRL Directors unanimously recommend the Offer to shareholders.

The HRL Board advises shareholders to take no action in relation to the proposal. The Offer is expected to open by early-July and will remain open for acceptances for a period of no less than six weeks (Offer Period). As on July 6, 2022, Offer will open on July 6, 2022 and close on August 17, 2022.

HRL has appointed McCullough Robertson as legal adviser. ALS is advised by Highbury Partnership and Derek Pocock of Baker & McKenzie in the transaction.