HRL has agreed to be acquired by ALS and entered into a bid implementation agreement.

ALS also have acquired Prennial's interest in HRL.

Receipt of Non-Binding Indicative Offer from ALS Limited

HRL Holdings Limited (ASX: HRL) advises that on 30 May 2022, it received an unsolicited, non-binding indicative offer (NBIO) from ALS Limited (ALS) to acquire 100 per cent of the ordinary shares of HRL for A$0.16 cash per share (ALS Proposal).

The discussions between the parties in relation to the NBIO are preliminary and incomplete and no agreement has been reached in relation to any transaction. There is no guarantee that any agreement will be reached or that a transaction will eventuate.To ensure an informed market, HRL sets out the key terms of the current indicative offer below.

Had a quick look and seems HRL numbers had gone backward recently. Maybe ALS pouncing at the opportunity while HRL is on a downward slope?

Non binding so no guarantee a takeover will eventuate.

Another interesting fact: Australian Ethical has a stake in HRL.

11-June-2020:  Morgans: HRL Holdings: Add: Up to the test

Morgans have an "Add" call on HRL and a 14 cps TP, up 2c from their previous 12 cps TP.  HRL closed at 10.5 cps on Friday afternoon.  

HRL released this Update on COVID-19 and FY20 Guidance announcement to the market on the same morning that Morgans penned this latest research note (last Thursday, 11-June-2020).

26-March-2020:  Morgans: HRL Holdings: Momentum halted by COVID-19

Morgans still have a n "ADD" rating on HRL, but they note that there is now higher risk.  Their TP has reduced from 16c to 12c/share.  At 8.5c to 9c/share, that suggests there is 33%+ upside from here if they're right.