Afterpay Ltd (ASX:APT), a provider of “Buy Now, Pay Later” services, today announced an adjournment of the meeting dedicated to the proposed acquisition of the company by Lanai (AU) 2 Pty Ltd, a wholly-owned indirect subsidiary of Square, Inc. (NYSE:SQ).
Afterpay announces that the Scheme Meeting will today be adjourned by the Chair of the Scheme Meeting to 9.00am (AEDT) on Tuesday, 14 December 2021. No resolutions will be put to Afterpay shareholders at today’s meeting as a result of the adjournment.
Afterpay intends to approach the New South Wales Supreme Court (Court) for orders in connection with the conversion of the Bank of Spain condition precedent to a condition subsequent.
The Afterpay Directors continue to unanimously recommend that Afterpay shareholders vote in favor of the Scheme. Implementation of the Scheme is still anticipated to occur in Q1 CY22.
As FNG has reported, all the regulatory conditions, including FIRB, OIO, Spanish FDI and ATO have been satisfied, with the exception of the Bank of Spain condition.
Afterpay and Square are confident that the Bank of Spain condition will ultimately be satisfied. Whilst the statutory deadline for Square’s application for Bank of Spain approval is currently 21 February 2022, at present Square expects that the Bank of Spain condition will be satisfied in mid-January 2022.