(Sharecast News) - Equals Group updated the market on its ongoing strategic review on Wednesday, announcing an extension of the 'put up or shut up' (PUSU) deadline as part of its offer period.
The AIM-traded company initiated the review on 1 November to explore various strategic options.
As part of the process, Equals contacted a number of potential counterparties, including Madison Dearborn Partners, to assess whether they could propose a strategy that would create more value for Equals' shareholders than pursuing an independent strategy.
The announcement of the review triggered an 'offer period' under the Takeover Code, indicating the possibility of an offer for the entire issued and to be issued share capital of Equals Group.
It said its current trading remained in line with the board's expectations, adding that it was confident in its long-term growth prospects.
Initially, Madison Dearborn Partners was required to announce its intention by the PUSU deadline of 1700 GMT on 29 November.
However, that deadline was extended to 1700 GMT on 27 December, and further extended to the same time on 24 January.
Equals said it was engaged in ongoing discussions with Madison Dearborn Partners, and so had requested an extension of the PUSU deadline from the Takeover Panel.
The panel granted the request, and Madison Dearborn Partners was now required to announce its intentions by 1700 GMT on 21 February.
Equals said the revised PUSU deadline could be further extended at Equals Group's request, with the consent of the Takeover Panel.
"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," the board said in its statement.
At 1313 GMT, shares in Equals Group were down 0.61% at 121.26p.
Reporting by Josh White for Sharecast.com.
Equals Gp (EQLS)