Australia-based confectioner Yowie has opted not to pursue the acquisition of Keybridge Capital, its largest shareholder.
Yowie’s proposed offer, announced in May, included several conditions, notably that Keybridge would refrain from altering the composition of Yowie’s board.
However, during an extraordinary general meeting (EGM) convened by Keybridge on 27 June, a condition tied to the composition of Yowie’s board was activated. Following that meeting, Yowie removed company secretary John Patton and Managing Director Nick Bolton from its board.
Bolton, who serves as a managing director at Keybridge, was appointed CEO of Yowie last year after the investor acquired a 78% stake in the company.
In a filing to the stock exchange today (10 July), Yowie stated: “Yowie notes that, following the outcome of the extraordinary general meeting held on 27 June 2025, the ‘no change to Yowie board composition’ condition to the bid had been triggered.”
Furthermore, Yowie added, “After considering all aspects of the bid and the bidder’s statement, it is not in Yowie’s interest to proceed with the bid.”
The statement concluded: “Accordingly, Yowie does not intend to proceed with the despatch of the bidder’s statement as to do so would be futile, particularly as the bid would close with a defeating condition breached.”
Yowie’s statement received authorization from directors Antony Catalano and Sulieman Ravell.
In a separate filing, Yowie confirmed that Patton’s role as company secretary ended on Monday. The company also noted that Patton and Bolton resigned as directors on 18 June.
Keybridge entered administration on 9 February, following Yowie’s demand for repayment of an outstanding loan by 7 February. The period of external administration concluded in May.
Headquartered in Perth, Western Australia, Yowie markets its namesake products both in Australia and the US to “promote learning, understanding, and engagement with the natural world,” featuring characters such as Rumble and Squish. Notably, the company outsources its production and distribution.
