Mercantile Investment Company Limited (ASX:MVT) made an unconditional off market offer to acquire EZA Corporation Limited (ASX:EZA) for AUD 8.4 million on December 9, 2016. Under the terms, 61.1 million shares will be acquired at AUD 0.1375 per share in cash. The Board of EZA Corporation advised its shareholders to not to take any action till the Board has had an opportunity to consider the offer. Mercantile has an unconditional revolving funding facility for AUD 5 million available and may draw upon this facility for any shortfall in the offer's consideration. Offer remains open for acceptance during the period commencing on March 1, 2017 and ending on April 3, 2017. The offer is not subject to approval by EZA shareholders, minimum acceptance condition and financing condition. Transaction is expected to close in March, 2017. As on February 10, 2017, the bidder's statement has been approved by a unanimous resolution of the Mercantile Directors. As of February 22, 2017, the Directors of EZA Corporation unanimously recommended rejecting the offer by taking no action as the offer is inadequate. As of March 9, 2017, an independent expert concluded that the offer is neither fair nor reasonable and Directors of EZA Corporation unanimously recommended for rejection of the offer. As of March 28, 2017, offer period has been extended to April 13, 2017. As announced on March 30, 2017, Mercantile Investment Company Limited withdrew the extension of offer. The offer will now close on April 3, 2017.

DLA Piper Australia Pty Ltd acted as a legal advisor while Sherif Andrawes and Adam Myers of BDO Corporate Finance (WA) Pty Ltd acted as fairness opinion providers for EZA Corporation. Kardos Scanlan acted as a legal advisor to Mercantile Investment Company Limited.