Less than a fortnight after Equiniti Group PLC (LON:EQN) confirmed that it had received an acquisition proposal from Siris Capital Group, LLC, the company has announced that Siris has made a revised offer.

The Board of Equiniti Group plc announces it has received a revised non-binding proposal from Siris to acquire the entire issued and to be issued share capital of EQ for 180 pence per share in cash. This compares with a previous offer of 170 pence per share.

The Board of EQ, which is being advised by Rothschild & Co and Citi, has considered the Revised Proposal and has confirmed to Siris that it would be minded to recommend a firm offer for EQ to EQ shareholders if made by Siris on the financial terms of the Revised Proposal (subject to agreement of other customary terms and conditions).

The announcement of any firm offer is conditional on satisfaction or waiver by Siris of a number of pre-conditions including completion of confirmatory due diligence. Accordingly, EQ has granted Siris access to relevant due diligence information in order to facilitate satisfaction of this pre-condition. EQ, and its advisers, and Siris, and its advisers, have agreed to work closely together to complete Siris’s confirmatory due diligence as soon as practicable.

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 the Company 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.