Maggie Beer Holdings (MBH) has pushed back the expected timing of its proposed $10 million sale of Hampers and Gifts Australia (HGA), with completion now targeted for February 2027 rather than a binding agreement signed by the end of this month.
On 8 July, the company said it and the unnamed buyer had agreed the later timeframe “having regard to the time required for the orderly transition and decoupling of the HGA business”. As a result, the parties are no longer working towards signing binding transaction documents before 31 July 2026, as flagged when the offer was disclosed.
MBH said the two sides remain engaged and that it would provide a further update on timing for signing once agreed. The delay does not affect HGA’s trading, which continues in the ordinary course, and does not relate to the Maggie Beer Products division, including its online operations.
The revised timeline extends a process that began in early June, when MBH received a non-binding indicative offer (NBIO) from what it described only as a multinational consumer goods business with existing operations across the Asia-Pacific hampers and gifting market. The buyer has not been named, with MBH confirming its identity is not information a reasonable person would expect to affect the price or value of MBH securities.
The proposal covers 100 per cent of the shares in HGA for $10 million, comprising $8 million upfront in cash plus contingent consideration of up to $2 million based on the business’s performance over a 12-month earn-out period. The offer remains non-binding and subject to conditions including satisfactory due diligence, the buyer finalising its funding arrangements, and both parties agreeing binding documents.
At $10 million, the proposed sale is a heavy markdown on the $40 million in cash and scrip MBH paid for HGA in 2021, when the hampers business was positioned as the centrepiece of an omnichannel gifting and e-commerce strategy. The division’s performance has since deteriorated alongside the broader group. HGA delivered first-half FY26 revenue of $34 million and statutory EBITDA of $3.1 million, down from $35.8 million and $4.9 million in the prior corresponding period, as the sector contended with heavy discounting. It was carried on MBH’s books at $9.9 million at the close of FY25.
The potential sale follows a formal strategic review of HGA that MBH announced in February after receiving several unsolicited approaches and is the latest in a run of divestments as the company narrows its focus to the core Maggie Beer Products range.
In the 8 July announcement, MBH said the board’s strategic review of HGA remains ongoing and that it would continue to assess the potential transaction alongside other options to maximise shareholder value, consistent with its strategy of strengthening the balance sheet and growing its FMCG division through both acquisition and organic growth. The company said it would update the market on any material developments in line with its continuous disclosure obligations.
