Equals confirms conducting review of its strategic options
The Board of Equals Group plc (LON:EQLS) confirms that it is conducting a review of the company’s strategic options.
As part of this process, Equals has contacted a limited number of potential counterparties including Fleetcor Europe Limited and 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.
Any such proposal could include an offer for the entire issued and to be issued share capital of the Company.
Current trading remains in line with the Board’s expectations.
In accordance with Rule 2.6(a) of the Takeover Code, by not later than 5.00 pm on 29 November 2023, each of Fleetcor Europe Limited and 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. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code.
As a consequence of today’s announcement, an ‘offer period’ has now commenced in respect of the Company.