(Alliance News) - Equals Group PLC on Wednesday confirmed it has received a takeover approach from a private equity-backed software peer, as part of the strategic review it launched late last year.
The London-based payment platform developer said the non-binding proposal was made by a consortium comprising Embedded Finance Ltd, a London-based fintech software firm that trades as Railsr, and TowerBrook Capital Partners (UK) LLP, a New York- and London-based investor.
This follows the launch of a review of strategic options by Equals back in November. At the time, it said it had contacted various potential bidders to assess whether an acceptable takeover offer could be made.
Madison Dearborn Partners LLC was one of those parties, and the deadline for it to declare a firm intention to make an offer was extended on Wednesday for a fifth time to April 17. This lines up with the similar put-up-or-shut-up deadline for the new potential bidder.
Equals also on Wednesday said it has started 2024 strongly, with revenue up to Friday last week increasing 28% to GBP22.2 million from GBP17.4 million a year before.
"In keeping with recent trends, trading has been robust across the business with particularly strong growth from Solutions," Equals said.
Equals will release its 2023 results on April 16.
Equals shares were up 7.1% to 119.29 pence in London on Wednesday afternoon. The stock is up 65% in the past 12 months.
By Elijah Dale, Alliance News reporter
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