Equals takeover update: bid deadline extended as competing offers emerge
Now this is getting interesting (to me at least).
Sure today's news - that the 'Put Up or Shut Up' (PUSU) deadline for interested buyers to submit binding bids for () has been extended again to 5pm Wed 15th May - might seem a little protracted.
Yet equally, the Board has apparently received indicative non-binding proposals from BOTH Madison Dearborn Partners and the Consortium (ie Embedded Finance / Railsr and TowerBrook Capital).
Personally, I interpret this to mean that both potential parties now need to 'sharpen their pencils a little' in order for their offers to win the auction and/or be accepted by Board.
Plus, as indicated by yesterday's strong FY23 results and YTD'24 trading - even if the Strategic Review ends without an agreed takeover, then I suspect shareholders will ultimately benefit anyway.
Nonetheless let's see what the next few weeks bring.
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