Equals receives improved takeover offer, extends deadline
By Josh White
Date: Wednesday 30 Oct 2024
(Sharecast News) - Equals Group updated the market on its ongoing strategic review on Wednesday, announcing that it had received a further improved, non-binding proposal from the consortium comprising Embedded Finance (Railsr), TowerBrook Capital Partners, and JC Flowers for an all-cash offer.
The AIM-traded firm said the offer price stood at 135p per share, with an additional special dividend of 2p per share payable on completion, separate from the 1p interim dividend issued earlier in 2024.
It said the consortium had completed its due diligence and was advancing transaction documentation, signalling significant progress towards the potential acquisition.
To allow additional time for the strategic review, Equals said it had requested and received an extension of the 'put up or shut up' (PUSU) deadline from the Takeover Panel.
The new deadline, set for 1700 GMT on 20 November, required the consortium to either confirm its intention to make a formal offer or withdraw.
While there was no guarantee of a finalised offer, Equals said the the consortium reserved the right to adjust terms in specific circumstances, including with board consent or if a competing offer was made on less favourable terms.
At 1234 GMT, shares in Equals Group were up 9.63% at 122.79p.
Reporting by Josh White for Sharecast.com.
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