John Bridgeman Limited (NSX:JBL) made an offer to acquire JB Financial Group Ltd. from Henry Morgan Limited (ASX:HML) and other shareholders on January 4, 2018. Under the terms of the offer, for each share of JB Financial Group Ltd, John Bridgeman Limited will offer 2.5 shares and an option in the same class as listed security, exercisable at AUD 1.1 and expiring on March 31, 2020. Following completion, John Bridgeman Limited proposes lodging an application for admission to the official list of ASX, with it being anticipated that this application for admission will be made within 90 days following completion of the offer. The offer is subject to finalization and execution of any required transaction documents, John Bridgeman Limited obtaining all relevant approvals and the consent of shareholders in accordance with applicable regulatory requirements, including the requirements of the NSX Listing Rules and the Corporations Act 2001, and, if necessary, John Bridgeman Limited obtaining an independent expert’s report if required by the NSX and the offerees obtaining all relevant approvals (if any) and the consent of shareholders, where necessary, in accordance with applicable regulatory requirements, including, where necessary, obtaining of an independent expert’s report. The offer is not subject to any minimum acceptance level. A committee of independent directors of Henry Morgan Limited has been formed to advice on the transaction. As of January 4, 2018, John Bridgeman Limited has received indicative acceptances of the offer from shareholders holding 98.05% of JB Financial Group Ltd. These acceptances include in-principle confirmation from the independent director committee of Henry Morgan Limited. As of February 28, 2018, the Board of John Bridgeman has resolved to increase the consideration payable under its JB Financial share offer to 3 ordinary shares of John Bridgeman in listed security class and 1 option in the same class as listed security exercisable at AUD 1.1 and expiring on March 31, 2020 for each share of JB Financial. The balance of the terms and conditions of the offer remain unchanged. Shareholders holding more than 98% of JB Financial shares have confirmed their indicative acceptance of the revised purchase consideration. As of May 15, 2018, Henry Morgan Limited has withdrawn from its acceptance of John Bridgeman Limited offer dated January 4, 2018. John Bridgeman will proceed towards its acquisition of the balance of the shares in JB Financial subject to obtaining all relevant regulatory and shareholder approvals. John Bridgeman Limited will held shareholders meeting on September 5, 2018 to approve the transaction. Peter Burge of HopgoodGanim will act as legal advisor to Henry Morgan Limited. BDO Corporate Finance (QLD) Limited acted as fairness opinion provider to Henry Morgan. John Bridgeman Limited (NSX:JBL) cancelled the acquisition of JB Financial Group Ltd. from Henry Morgan Limited (ASX:HML) on March 4, 2019.