Equals Group plc (LON:EQLS) today provided an update on its discussions with Madison Dearborn Partners, LLC.
On 1 November 2023 the Board of Equals Group plc (LON:EQLS) announced that it is conducting a review of the company’s strategic options and that as part of this process, the company has contacted a limited number of potential counterparties including Madison Dearborn Partners, LLC, to assess whether such parties could put forward a proposal that would deliver greater value to Equals’ shareholders than pursuing a standalone independent strategy.
The announcement of 1 November 2023 stated that, in accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 29 November 2023, Madison Dearborn Partners, LLC must either announce a firm intention to make an offer for Equals under Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Equals, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies (the “PUSU Deadline”).
That deadline was first extended to 5.00 pm on 27 December 2023, as announced by the Company on 29 November 2023, and then extended to 5.00 pm on 24 January 2024, as announced on 27 December 2023, and then further extended to 5.00 pm on 21 February 2024, as announced on 24 January 2024.
As part of the Strategic Review, discussions are ongoing between Equals and Madison Dearborn Partners LLC and, to allow further time for these discussions to take place, the Board of Equals has requested that the Panel on Takeovers and Mergers extends the PUSU Deadline further.
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, Madison Dearborn Partners LLC is required, by not later than 5.00 pm on 20 March 2024, either to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer.
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 either that an offer will be made nor as to the terms of any offer, if made.
