LONDON (ShareCast) - (Sharecast News) - Equals Group updated the market on its ongoing strategic review on Wednesday, confirming an extension of the put-up or shut-up deadline.
The AIM-traded company started its strategic review on 1 November last year, exploring various options to enhance shareholder value.

That included engaging with potential counterparties, such as Madison Dearborn Partners (MDP), to evaluate proposals that could potentially surpass the benefits of an independent strategy.

On 20 March, Equals received an indicative non-binding proposal from a consortium consisting of Embedded Finance (Railsr) and TowerBrook Capital Partners UK, regarding a possible offer for the entire issued and to-be-issued share capital of Equals.

Despite the time elapsed since the start of the strategic review and the receipt of proposals from both MDP and the consortium, the Equals board said it was prudent to continue the review process in the best interests of shareholders, allowing further time for a comprehensive conclusion.

Regarding the put-up or shut-up deadline, which was initially set for 29 November 2023 for MDP and subsequently extended multiple times, most recently to 15 May 2024, the deadline had now been further extended to 12 June, to facilitate ongoing discussions and due diligence between Equals and both MDP and the consortium.

Under the Takeover Code, MDP and the consortium would need to announce a firm intention to make an offer or declare their intentions by the revised deadline.

At 1158 GMT, Equals Group shares were down 1.75% at 123.8p.

Reporting by Josh White for Sharecast.com.

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