About a month after Equals Group plc (LON:EQLS) confirmed it was reviewing its strategic options, the company has provided an update on the process.

Equals says it 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 explained that, 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.

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 27 December 2023, 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.

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