Blackwell Partners, LLC-Series A, fund of Brightleaf Capital along with Coliseum Capital Partners II, L.P., Coliseum Capital Partners LP, Coliseum Capital Co-Invest, L.P., funds of Coliseum Capital Management, LLC made an offer to acquire remaining 51.4% stake in The PAS Group Limited (ASX:PGR) from Larry Kestelman, Macquarie Asset Management Inc, Greencape Capital Pty Ltd, Colonial First State Asset Management (Australia) Limited and others for AUD 35.9 million on June 16, 2017. Under the terms of the offer, 70.3 million shares of PAS will be acquired for AUD 0.51 per share. The transaction will be funded through existing cash. The offer period may be extended and the offer price will not be increased in the absence of competing proposal. The offeror has a right of compulsory acquisition upon acquisition of 90% stake or more. Upon completion, The PAS Group Limited will de-list from the stock exchange, will continue its operations, and the employees will remain in the company. As a part of the transaction, the offeror will appoint members on the board of The PAS Group Limited and will not remove any existing board members. As per the first supplementary bidders' statement that is to be logged by Australian Securities and Investments Commission has been approved by a unanimous resolution passed by the sole manager of the bidder on June 26, 2017. The offer is not subject to any condition. The independent board committee of The PAS Group Limited advised shareholders to take no action in relation to the offer. The offer will begin from July 3, 2017 and will end on August 3, 2017. As per the first supplementary bidders' statement the offer will begin from July 10, 2017 and will end on August 10, 2017. As of July 7, 2017, independent board committee unanimously recommends to shareholder to reject the offer. ShineWing Australia Corporate Finance Pty Ltd, an independent expert for independent board committee of The PAS Group has concluded that the offer is neither fair nor reasonable. Canaccord Geneuity (Australia) Limited acted as the broker and James Philips, Elliot Cheung and Jeffrey Chen of DLA Piper Australia acted as the legal advisors and Computershare Investor Services Pty Limited acted as the share registrar for Coliseum Capital Management. Matthew Gregorowski of Citadel-MAGNUS acted as PR advisor for The PAS Group. Phillip Run and John Blig of ShineWing Australia Corporate Finance Pty Ltd acted as independent expert for independent board committee of The PAS Group. Alberto Colla of MinterEllison acted as legal advisor for independent board committee of The PAS Group. Link Market Services Limited acted as registrar for The PAS Group. Blackwell Partners, LLC-Series A, fund of Brightleaf Capital along with Coliseum Capital Partners II, L.P., Coliseum Capital Partners LP, Coliseum Capital Co-Invest, L.P., funds of Coliseum Capital Management, LLC cancelled the acquisition of remaining 51.4% stake in The PAS Group Limited (ASX:PGR) from Larry Kestelman, Macquarie Asset Management Inc, Greencape Capital Pty Ltd, Colonial First State Asset Management (Australia) Limited and others on August 7, 2017.