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TowerBrook Capital Partners LP has made an improved cash offer of £253 million ($324.9 million) for British financial technology company Equals Group PLC, following the company's decision to put itself up for sale.

TowerBrook has partnered with embedded finance startup Railsr, chaired by former Chancellor Philip Hammond, to propose a takeover offer of 135 pence per share for Equals Group. Embedded finance enables companies to integrate banking and other financial services into their digital platforms or apps.

Equals Group, which develops and sells scalable payments platforms, is being guided by Ashurst LLP. Counsel information for TowerBrook and Railsr was not immediately available.

The indicative offer is an improvement on an earlier bid from the consortium made on March 20, the terms of which have not been disclosed.

"The improved proposal follows a series of prior proposals from the consortium and remains subject to the completion of ongoing final due diligence, which Equals is facilitating, and finalization of acquisition financing by the consortium," Equals Group stated on Wednesday. "There can be no certainty that an offer will be made."

The U.K.'s Panel of Takeovers and Mergers has granted the consortium additional time to make a firm offer, extending the "put up or shut up" deadline from Wednesday to Aug. 7 to allow for the completion of due diligence and financing arrangements.

Equals Group announced a strategic review in November, contacting potential buyers including U.S. private equity firm Madison Dearborn Partners LLC. On April 17, the company received an indicative non-binding proposal from Madison Dearborn, but financial details were not disclosed. However, Madison Dearborn withdrew from the deal on June 12 and decided not to make a formal offer.

Equals Group, listed on the junior Alternative Investment Market in London, reported revenues of £60 million for the first half of 2024, a 33% increase from £45 million in the corresponding period of 2023.

Shares in Equals Group were trading at 118 pence at midday Wednesday, up 86% from Tuesday's close of 117 pence.

Canaccord Genuity Ltd. and Lazard & Co. Ltd. are acting as financial advisers to Equals Group.