Yowie Group (ASX:YOW) has confirmed it will not proceed with its proposed off-market takeover of Keybridge Capital (ASX:KBC) following a critical condition breach at Keybridge's recent extraordinary general meeting on June 27, according to a Thursday Australian bourse filing.
The company notes that the condition requiring no changes to its board composition has been triggered and, after careful consideration, has concluded that proceeding with the bid would be futile, deciding not to dispatch the bidder's statement, the filing added.
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