Forward Industries sought to acquire the firm by issuing 1.54 of its own shares for every single share of Brera. This offer was pitched at a 31% premium based on Brera’s 10-day volume-weighted average price of $7.19 as of June 1. Despite the proposed valuation, Brera’s board determined the deal failed to serve the company's best interests, leaving Forward executives expressing open disappointment over the lack of dialogue.
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Brera Holdings Rebuffs Forward Industries Acquisition Bid
The board of directors at Brera Holdings has officially rejected an unsolicited all-stock acquisition proposal from Forward Industries. While Forward argues the deal offers a significant premium to shareholders, the crypto infrastructure firm—operating as Solmate Infrastructure—has declined to engage in further negotiations regarding the potential merger.
Both companies claim a shared focus on expanding the Solana ecosystem, yet the path forward remains strained. Under Irish Takeover Rules, Forward faces a firm deadline of 5:00 p.m. on July 21 to clarify its intentions—either by announcing a binding offer or formally withdrawing its interest. Following the news, Brera shares climbed 5.7% to $5.30 in after-hours trading, while Forward’s stock slipped 1.2% to $4.00.
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