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.
