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Network International extends deadline for Brookfield's takeover offer

Fri, 19th May 2023 08:30

(Alliance News) - Network International Holdings PLC on Friday said it has agreed to extend the put up or shut up deadline for Brookfield Asset Management Ltd to make a firm takeover offer for the company.

The Middle East and Africa-focused payments provider said Brookfield now has until June 1 to make a firm offer, although this deadline can be extended further.

In late April, Network International confirmed it had received a takeover offer from Brookfield Asset Management Ltd for 400p per share. This represented an 11% premium to the company closing price the year before the announcement.

The company noted that it has also received a proposal from a consortium of CVC Advisers Ltd and Francisco Partners Management LP for 387p per share. The consortium also has until June 1 to make a firm offer.

Network International shares rose 1.6% to 370.80 pence each in London on Friday morning.

By Harvey Dorset, Alliance News reporter

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