- Forward Industries, the largest public Solana treasury firm, saw its unsolicited all-stock acquisition offers for three rivals rejected or ignored.
- The rejected bids targeted competitors The Solana Company (HSDT) and Brera Holdings (SLMT), while a third offer to SkyAI (SKYA) expired without a response.
- Shares in all firms surged Monday alongside Solana’s price, which rose nearly 11% to around $75 amid a broader crypto market rally.
- Forward Industries holds over 7 million SOL, representing more than $1 billion in unrealized losses at current prices, according to its treasury data.
Forward Industries announced Monday that its unsolicited takeover bids for three rival Solana treasury firms were either rejected or ignored. The largest public holder of SOL, which acquired nearly 7 million SOL last year, proposed all-stock business combinations to consolidate its position.
“We are disappointed and surprised that the HSDT board has chosen to reject Forward’s offer without any discussion or communication,” the firm stated. Consequently, boards for The Solana Company and Brera Holdings both rejected the offers last week without further engagement.
An offer made to SkyAI similarly expired on June 12 without a formal response. Forward Industries argued these strategic pairings would strengthen the Solana ecosystem and benefit shareholders.
Meanwhile, shares in all four firms soared as Solana’s price jumped nearly 11% to around $75. This surge coincided with a broader cryptocurrency market rally, which gained momentum after an announced U.S. peace deal with Iran.
Forward Industries stock climbed over 14% to $4.89. Its rivals also posted significant gains, with HSDT and SKYA shares rising nearly 12% and 14%, respectively.
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