Learning Technologies Group Share News (LTG)

(Sharecast News) - Learning Technologies Group announced an extension of the 'put up or shut up' (PUSU) deadline in its ongoing discussions with General Atlantic on Friday, after the latter recently made a conditional approach to acquire it for 100p per share in cash.

The AIM-traded firm said the proposal included an option for LTG shareholders to opt for an unlisted equity alternative for some or all of their shares.

It said significant progress had been made in the due diligence process and in negotiations on the terms of the potential offer, but key conditions remained outstanding.

Any formal offer from General Atlantic would depend on obtaining irrevocable commitments to support the transaction, as well as elections for the unlisted equity alternative from major shareholders Andrew Brode and Jonathan Satchell.

As a result, Learning Tech said its board had formed an independent committee, excluding Brode and Satchell, to assess the proposal.

With the consent of the Takeover Panel, the deadline for General Atlantic to announce a definitive offer or withdraw had been extended to 1700 GMT on 22 November.

Learning Technologies reiterated that there was no certainty a firm offer will be made, nor on the terms of such an offer.

At 0851 BST, shares in Learning Technologies Group were down 0.86% at 92p.

Reporting by Josh White for Sharecast.com.