Equals Group plc (LON:EQLS) today issued an update regarding its strategic review.

On 1 November 2023 the Board of Equals 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 (MDP), to assess whether such parties could put forward a proposal that would deliver greater value to Equals’ shareholders than pursuing a standalone independent strategy.

On 20 March 2024 Equals announced it had received an indicative non-binding proposal from a consortium comprising Embedded Finance Limited (Railsr) and TowerBrook Capital Partners (U.K.) LLP regarding a possible offer for the entire issued and to be issued share capital of Equals.

The Board considers it to be in the best interests of shareholders that the Strategic Review remains ongoing to allow further time for it to reach its conclusion.

Whilst the Board recognises the time elapsed since the commencement of the Strategic Review, having now received indicative non-binding proposals from both MDP and the Consortium, it considers it to be in the best interests of shareholders that the Strategic Review remains ongoing to allow further time for it to reach its conclusion.

An extension of the deadline has been granted. In accordance with Rule 2.6(a) of the Code, each of MDP and the Consortium are required, by not later than 5.00 pm on 12 June 2024, either to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that they do not intend to make an offer.

This revised deadline may be extended with the consent of the Panel, at Equals’ request.

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