Unsolicited all-stock acquisition offers for three rivals were rejected or ignored, despite potential shareholder benefits.
Forward Industries, the largest publicly traded Solana treasury firm, failed to secure acquisitions of three rival firms after unsolicited all-stock offers were rejected or ignored. The proposals targeted HSDT, SLMT, and SKYA, with shareholders set to receive FWDI shares in exchange.
Two firms, HSDT and SLMT, rejected the offers without discussion, while SKYA did not respond before the June 12 expiration. Forward Industries acquired 7 million SOL for $1.6 billion last year and argued the deals would benefit shareholders.
Shares of all involved firms rose Monday amid broader cryptocurrency gains, though no immediate market reaction to the failed bids was specified.