Dawney & Co Pty Limited agreed to acquire 97.349948% stake in ICS Global Limited (ASX:ICS) from HSBC Custody Nominees (Australia) Limited, Dixson Trust Pty Ltd., King & Svenson Pty Ltd, Dmx Capital Partners Limited, managed by DMX Asset Management Limited and others for AUD 2 million on December 12, 2022. As per the terms, the offer per share is AUD 0.2. Transaction is subject to regulatory and other conditions precedents. As of January 12, 2023, Dawney & Co has completed sending replacement bidder's statement and offers to target's shareholders.

As of January 30, 2023, ICS Global board rejected the offer as the offer materially undervalues the shares. ICS board recommended shareholders to take no action. As of February 20, 2023, the offer has been freed of the minimum acceptance condition.

The offer will close on February 6, 2023. The offer will close on February 28, 2023. HopgoodGanim acted as a legal advisor to Dawney & Co Pty Limited.

Boardroom Pty Limited acted as a registrar to ICS Global. Andrew Rich of Herbert Smith Freehills acted as legal advisor to ICS Global.