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TalkTalk Receives Deadline Extension For Toscafund Takeover Offer

Thu, 03rd Dec 2020 13:20

(Alliance News) - TalkTalk Telecom Group PLC on Thursday said it has been granted a extension to December 17 of the deadline for Toscafund Asset Management LLP to announce a firm intention to either make a takeover offer for TalkTalk or walk away.

Back in October, the telecommunications provider based in Salford, England-based received a preliminary and non-binding cash offer from Toscafund for its entire share capital at a price of 97 pence per share.

Shares in TalkTalk were down 0.3% at 94.40 pence in London on Thursday. The stock is down 19% so far in 2020.

TalkTalk had previously obtained permission from the Panel on Takeovers & Mergers to extend the deadline to December 3 from November 5.

The company said that "commercial discussions and due diligence are progressing" with London-based Toscafund.

By Zoe Wickens; zoewickens@alliancenews.com

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