Equals Group plc (LON:EQLS) today issued a notice regarding its strategic review.

Equals is no longer in discussions with Madison Dearborn Partners, LLC (MDP) about an offer for the company. MDP has, accordingly, released a statement confirming that it does not intend to make an offer for the company.

However MDP, together with MoneyGram International, Inc. (a portfolio company of MDP), is evaluating various potential strategic alternatives with Equals, including commercial arrangements focused on the company’s B2C business and technology platform.

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.

Discussions and due diligence are advancing between Equals and the Consortium regarding a possible offer for the company and, to allow further time for these discussions and due diligence to take place, an extension has been granted.

The Consortium is required, by not later than 5.00 pm on 10 July 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.