APM ducks into trading halt

Michael Anghie-led APM Human Services International has entered a trading halt, pending an update regarding its non-binding acquisition proposal from US-based Madison Dearborn Partners.

Last month, Madison Dearborn – which has a 29 per cent stake in APM – made an initial offer of $1.40 cash for all remaining shares in the company which it didn’t already own.

Madison Dearborn is the Megan Wynne-founded company’s second largest shareholder, behind Ms Wynne and husband Bruce Bellinge’s 34 per cent stake.

The $1.40 cash per share offer valued the disability and employment services provider at $1.28 billion.

This price was 60 cents less than the $1.8 billion, or $2 per share offer, lobbed at APM by CVC, which fell through in late March.

In mid-January, APM’s shares fell sharply, after informing the market its net profit during the first half of the 2024 financial year had regressed by 35 per cent from $85.4 million to $55 million.

This was the second time in the space of two months that the company’s share price had taken a hit regarding the matter.

Following a warning last November regarding the same earnings period, APM’s shares regressed 40 per cent in value.

Prior to entering the trading halt, APM was trading at $1.25 per share.