ASX-listed Yowie Group Ltd has advised shareholders to 'take no action' following an intended off-market takeover bid offer.
The Yowie Group brought the Australian novelty confectionery with its surprise collectable toy back to the shelves in 2012 when it bought the rights for the Yowie chocolate from global food giant Kraft.
The intended off-market takeover offer by Keybridge Capital Limited is for all of the fully paid ordinary shares in Yowie.
The Yowie board said that should a bid be made on the terms outlined by Keybridge, it would recommend shareholders reject the bid on the grounds that the unsolicited approach by KBC was "highly opportunistic".
Yowie said “the advised bid price of 9.2 cents fundamentally undervalues Yowie's business, brand, intellectual property and significant cash balance”.
Yowie board chairman Louis Carroll said the board will keep shareholders informed of further developments as they occur.