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Nearly three months after Equals Group plc (LON:EQLS) announced that it is conducting a review of its strategic options, the company has provided an update on the matter.

As part of the strategic review, Equals 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.

Today, Equals confirmed that 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 extend the deadline for Madison Dearborn Partners to decide on whether to make an offer or not 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 21 February 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, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

There can be no certainty either that an offer will be made nor as to the terms of any offer, if made.

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