Brera Bid Rejection
Brera Holdings Rejects Forward Industries' 30.7% Premium All-Stock Acquisition Bid
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Key Points
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Forward said it was "disappointed that SLMT has chosen to not engage in dialogue with the Forward team," adding that it "respectfully disagrees" with the board and believes the proposal is in SLMT’s—"and…equally as importantly—the shareholders of SLMT"—best interest.
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Market reaction: after Brera rejected the bid, Brera shares rose about 5.7% to $5.30 in after-hours trading, while Forward shares edged down about 1.2% to $4.00.
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The bid and Brera’s response were disclosed in a U.S. Securities and Exchange Commission filing, which confirmed the structure of the unsolicited approach and Brera’s formal reaction; a separate report noted there has been no further public statement detailing specific Brera objections beyond the rejection itself.
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According to TipRanks’ AI Analyst coverage, the most recent market call for Forward Industries’ stock was a “Buy” with an $8.00 price target, while TipRanks’ AI Analyst rating was “Neutral,” citing weak financial performance and ongoing cash burn.
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A report also characterized the rejected offer as part of a broader crypto-market trend: traditional/crypto-adjacent companies using their digital-asset reserves to pursue corporate consolidation, with Forward seeking to leverage its Solana accumulation to buy a complementary asset base.
Brera Holdings PLC (SLMT) has rejected an unsolicited all-stock takeover bid from Forward Industries (FWDI), turning down a roughly 30.7% premium. Barchart reported that Forward offered 1.54 of its own shares for each Brera share — implying a value of about $7.19 per share based on Brera's 10-day volume-weighted average price.
Brera's board formally rejected the bid on June 6, calling it "not in the best interest" of the company. Crypto News reported that Brera holds roughly 2.1 million SOL — a Solana treasury its leadership believes is worth far more than Forward's offer implies.
Forward Makes Its Case, Brera Slams the Door
Forward Industries privately submitted the non-binding proposal on June 1, 2026. The company pitched the deal as a way to build a "premier Solana ecosystem powerhouse" by combining both firms' digital asset reserves. Forward argued its larger, more liquid asset base would unlock value trapped inside Brera's balance sheet.
After the board rejected it on June 6, Forward went public with its frustration. Network News Wire reported Forward said it was "disappointed that SLMT has chosen to not engage in dialogue," adding that it "respectfully disagrees" with the board. Forward said it believes the deal is in the best interest of Brera shareholders — not just the company.
Brera's 2.1 Million SOL Is the Real Prize
The core tension here is valuation. Brera holds approximately 2.1 million SOL tokens. Crypto News noted that at mid-2026 market prices, that treasury alone could be worth hundreds of millions of dollars. Brera's board appears to believe Forward's 30.7% premium does not come close to reflecting that figure.
This deal fits a broader 2025-2026 trend analysts call "digital treasury consolidation." Companies with large crypto reserves are becoming takeover targets. Rivals try to buy their tokens cheaply through equity swaps rather than purchasing the tokens directly on open markets — which would drive prices up. MEXC described Forward as the largest corporate accumulator of Solana, making Brera's reserves a natural strategic target.
Market Sends a Clear Signal After the Rejection
Investors seemed to agree with Brera's board. After news of the rejection spread, Brera shares rose 5.7% to $5.30 in after-hours trading on June 10. Forward shares slipped 1.2% to $4.00 in the same session. The so-called "rejection bounce" suggests the market thinks a higher bid would be needed to get a deal done.
Analysts at TipRanks gave Forward Industries a "Neutral" rating, citing weak financial performance and ongoing cash burn. Their AI analyst set an $8.00 price target on FWDI stock but flagged the operational risks. For Brera shareholders, that context matters: accepting Forward's all-stock offer would mean trading a Solana-backed treasury for equity in a company bleeding cash.
July 21 Deadline Forces Forward to Decide
The clock is now running. Under the Irish Takeover Rules — which apply because Brera is an Irish PLC — Forward must either announce a firm offer or formally walk away by July 21, 2026. If it walks away, it cannot make another approach for at least six months. This "put up or shut up" rule prevents companies from being kept in limbo by open-ended, non-binding bids.
Forward has a few options. It could raise the exchange ratio, add a cash component, or try to go directly to Brera shareholders. If the price of SOL rises before the deadline, Brera's board gains even more leverage to hold out. The SEC filing confirming the bid structure and rejection has already been submitted, Markets Financial Content reported, putting the next move squarely on Forward.
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