John Bridgeman Limited (NSX:JBL) made an offer to acquire remaining 99.8% stake in Benjamin Hornigold Limited (ASX:BHD) on April 26, 2019. John Bridgeman Limited will issue 1 share for each Benjamin Hornigold Limited's shares and 0.5 option for each Benjamin Hornigold Limited's option. As of May 28, 2019, John Bridgeman Limited will issue 1.5 share for each Benjamin Hornigold Limited's shares and 0.5 option for each Benjamin Hornigold Limited's option. Gary Miller, Sulieman Ravell and Michael Glennon have been appointed as Directors of John Bridgeman Limited and all the current Directors have resigned. As per the update on June 12, 2019, all the existing Directors of Benjamin Hornigold Limited are resigned and new Directors are appointed named Gary Miller, Sulieman Ravell and Michael Glennon.

The transaction is subject to a limited number of defeating conditions including any John Bridgeman Limited shareholder approval and any other regulatory approvals or requirements. As on June 12, 2019, the transaction has been approved by the shareholders of John Bridgeman. John Bridgeman has decided to free the share offer from defeating condition being receipt of regulatory approval. John Bridgeman Limited currently expects the bidder's Statement to be lodged with ASIC and ASX and served on Benjamin Hornigold Limited within 30 days. Leadenhall VRG Pty Ltd opined that the JBL Option Offer is not fair but is reasonable to BHD Optionholders not Associated with JBL. Leadenhall VRG Pty Ltd has opined that the JBL Share Offer is fair and reasonable to BHD Shareholders not Associated with JBL and the JBL Option Offer is not fair but is reasonable to BHD Optionholders not Associated with JBL. Directors of Benjamin Hornigold Limited recommend that in the absence of a Superior Proposal, BHD Securityholders accept the improved JBL Offer. As of June 12, 2019, the transaction became unconditional. As on July 24, 2019, the Board of Benjamin Hornigold Limited recommended the shareholders to reject the offer.

The offer period will end on June 21, 2019. As per the update on June 14, 2019, The offer period will end on July 8, 2019. As on July 1, 2019, the offer will end on July 31, 2019. As on July 24, 2019, the offer will end on August 30, 2019. As per the update on August 28, 2019, the offer will end on September 13, 2019. Mccullough Robertson Lawyers acted as legal advisor to John Bridgeman Limited. Link Market Services Limited acted as financial adviser, Corrs Chambers Westgarth and AJ&Co acted as legal adviser for Benjamin Hornigold Limited in the transaction. Leadenhall Corporate Advisory Pty Ltd acted as independent expert for Benjamin Hornigold Limited in the transaction.

John Bridgeman Limited (NSX:JBL) completed the acquisition of an additional 17.24% stake in Benjamin Hornigold Limited (ASX:BHD) on September 13, 2019. John Bridgeman Limited now holds 17.44% stake in Benjamin Hornigold Limited.