Equiniti gives Siris more time to decide on firm acquisition offer
Equiniti Group PLC (LON:EQN) is giving Siris Capital Group, LLC extra time to decide on its acquisition plans.
Let’s recall that, on April 19, 2021, Equiniti said that it had received a non-binding proposal from Siris to acquire the entire issued and to be issued share capital of EQ for 170 pence per share in cash. On April 28, 2021, EQ announced that it had received a revised non-binding proposal of 180 pence per share in cash from Siris and that the EQ Board would be minded to recommend a firm offer by Siris to EQ shareholders on the financial terms of the Revised Proposal.
The Revised Proposal is subject to a number of pre-conditions including completion of confirmatory due diligence.
In accordance with Rule 2.6(a) of the Code, Siris was required, by not later than 5.00 pm on 17 May 2021, to either announce a firm intention to make an offer for EQ in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for EQ, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
As due diligence continues to progress, in accordance with Rule 2.6(c) of the Code, the EQ Board has requested, and the Takeover Panel has consented to, an extension to this deadline until 5.00 p.m. (London time) on 28 May 2021.
This revised deadline may be extended further with the consent of the Takeover Panel, at the EQ Board’s request, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that a firm offer will be made even if the pre-conditions referred to above are satisfied or waived. Siris reserves the right to vary the form and / or mix of the offer consideration set out in this announcement. Siris also reserves the right to make the offer at a lower value.