(Sharecast News) - CareTech announced an extension to its put-up-or-shut-up deadlines with both Sheikh Holdings and Dbay Advisors on Monday, as the battle to take the care provider private continued.
The AIM-traded firm was in receipt of proposals from both Sheikh Holdings, controlled by founders the Sheikh brothers, as well as a competing proposal from Dbay Advisors.
Both proposals were for the entire share capital of CareTech at 750p per share - a decent premium to the 710p at which they last traded.
Sheikh Holdings' initial bid was at 710p per share, before it was raised to 725p and eventually 750p in response to the approach from Dbay Advisors.
Both potential suitors were given a deadline to either make a formal offer, or confirm they were no longer interested, of 1700 BST on 30 May.
"Discussions between Dbay and CareTech are ongoing and, to allow further time for these discussions to continue to take place, Dbay has requested, and the independent directors and the Takeover Panel have consented to, an extension to the deadline," the CareTech board said of Dbay's proposal on Monday.
"Discussions between the [Sheikh Holdings] consortium and CareTech continue to be at an advanced stage and, to allow further time for these discussions and due diligence to conclude, the consortium has requested, and the independent directors and the Takeover Panel have consented to, an extension," they added with regards to the Sheikh proposal.
"As previously announced on 14 April, the independent directors would be minded to recommend the possible offer set out in the revised proposal, should an offer be made at that price, subject to satisfactory resolution of the other terms of the revised proposal."
The new deadline for both proposals was set as 1700 BST on 27 June.
Reporting by Josh White at Sharecast.com.
