LONDON - Equals Group plc (LON:EQLS), a fintech company, is contemplating a revised takeover proposal from a consortium that includes Embedded Finance Limited (Railsr), TowerBrook Capital Partners (U.K.) LLP, and J.C. Flowers & Co. LLC. The new indicative non-binding proposal offers Equals shareholders an all-cash acquisition at 135 pence per share, along with a special dividend of 2 pence per share upon completion of the transaction. This offer is in addition to the interim dividend of 1 pence per share paid on October 25, 2024.
The consortium has completed its due diligence process and is moving forward with the necessary transaction documentation. The Board of Equals has sought an extension for the "put up or shut up" (PUSU) deadline, originally set for 5.00 pm today, to allow additional time for its strategic review. The Panel on Takeovers and Mergers has granted the extension, setting a new deadline for the consortium to either announce a firm intention to make an offer or withdraw by 5.00 pm on November 20, 2024.
This extension follows a series of discussions and improvements to the terms of the potential acquisition. The Board of Equals is actively reviewing the proposal, which may lead to a significant change in the ownership structure of the company. However, there is no guarantee that a final offer will be made.
The potential acquisition of Equals by the consortium is subject to regulatory approvals and other customary closing conditions. The company's shareholders are advised that this announcement is based on a press release statement and that they should wait for further announcements before making any decisions regarding their shares.
The outcome of this strategic review and the potential acquisition will be closely watched by investors and market analysts, as it could have implications for Equals' future operations and strategy.
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