(Sharecast News) - Equals Group updated the market on its strategic review to explore various strategic options on Wednesday, which it first announced on 1 November.
The AIM-traded firm said that as part of the process, it had approached a select group of potential counterparties, including Madison Dearborn Partners, to evaluate whether their proposals could provide greater value to Equals' shareholders than pursuing an independent strategy.
It said current trading remained in line with their expectations, as the board maintained a positive outlook for the long-term growth prospects of the business.
Equals noted that under the Takeover Code, Madison Dearborn Partners had until 1700 GMT on 29 November to either announce a firm intention to make an offer or declare that it did not intend to make an offer.
To facilitate ongoing discussions between Equals and Madison Dearborn Partners, the board requested an extension of the put up or shut up (PUSU) deadline from the Takeover Panel.
The panel granted an extension, and Madison Dearborn Partners now had until 1700 GMT on 27 December to make an offer or opt for a non-offer declaration.
"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," the Equals Group board said in its statement.
At 1114 GMT, shares in Equals Group were up 1.47% at 113.14p.
Reporting by Josh White for Sharecast.com.
Equals Gp (EQLS)