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ASF Group To Drop Takeover Bid For ActivEX

ASF Group (ASX:AFA) has decided that it will not proceed with its off market takeover bid for ActivEX (ASX:AVI) after considering all its options and circumstances.

The company said AIV's decision to proceed with a 3 for 5 non-renounceable rights issue at $0.012 per share, which will significantly increase the number of AIV shares on issue, had triggered one of the defeating conditions for its bid.

It added that no offers have been made under its takeover bid.

ASF had previously noted the AIV rights issue of $0.012 is well under its offer price of $0.02 cash and had in effect depraved shareholders of accepting into its offer.

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