Equals Group plc (LON:EQLS) today provided an update on the review of its strategic options.
The Board of Equals confirms that it has received an improved indicative non-binding proposal from the consortium comprising Embedded Finance Limited (“Railsr”) and TowerBrook Capital Partners (U.K.) LLP regarding a possible all-cash offer for the entire issued and to be issued share capital of Equals at a price of 135 pence per Equals Share.
The improved Proposal follows a series of prior proposals from the Consortium and remains subject to the completion of ongoing final due diligence, which Equals is facilitating, and finalisation of acquisition financing by the Consortium.
In order to allow further time for the Board to consider the Proposal, and for the Consortium to complete due diligence and arrange acquisition financing, the Board of Equals has requested that the Panel on Takeovers and Mergers (the “Panel”) extends the current deadline of 5.00 pm on 10 July 2024 by which time the Consortium must, in accordance with Rule 2.6(a) of the Code, either announce a firm intention to make an offer for the Company under Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies (the “PUSU Deadline”).
In the light of this request, an extension has been granted by the Panel and, in accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 pm on 7 August 2024, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This revised PUSU Deadline may be extended with the consent of the Panel, at Equals’ request, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that an offer will be made.
