Equiniti confirms acquisition proposal from Siris
Equiniti Group PLC (LON:EQN) today confirms that it has received this morning a highly conditional non-binding proposal from Siris Capital Group, LLC to acquire the entire issued and to be issued share capital of EQ for 170 pence per share in cash.
The proposal is subject to a number of pre-conditions including completion of detailed due diligence and arrangement of debt financing.
Equiniti says that its Board will evaluate the proposal carefully in all respects, together with its financial and legal advisers. In the meantime, shareholders are strongly advised to take no action in relation to the proposal.
There can be no certainty that any offer will be made even if the pre-conditions referred to above are satisfied or waived.
In accordance with Rule 2.6(a) of the Code, Siris is required, by not later than 5.00 p.m. on 17 May 2021, to either announce a firm intention to make an offer for Equiniti in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
In addition, as previously guided, Paul Lynam has been appointed as Chief Executive of EQ with effect from 1 April 2021. He has initiated a thorough strategic review of the business and will announce the conclusions of this review no later than 29 July 2021, the proposed date of EQ’s 2021 interim results.