Equals Group plc (LON:EQLS) today issued an update on the review of its strategic options.
On 10 July 2024 the Board of Equals announced that it had 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.
On 7 August 2024 the Board announced that the Consortium had substantially completed its due diligence and was progressing in discussions with its preferred party with respect to the financing of the Proposal.
Today Equals stated that such discussions are now at an advanced stage. They continue to progress in relation to a fully equity financed bid, backed by TowerBrook and J.C. Flowers & Co. LLC. Accordingly, the Consortium now includes J.C. Flowers.
In order to allow further time for the Consortium to complete its due diligence and agree acquisition financing arrangements, 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 2 October 2024, to either announce a firm intention to make an offer or announce that it does not intend to make an offer.
There can be no certainty that an offer will be made.
