(Alliance News) - Discussions with Property Franchise Group PLC regarding a possible takeover offer for Hunters Property PLC remain ongoing, it said on Friday.
At the beginning of December, Hunters Property confirmed that it had received a preliminary approach from Property Franchise Group in regard to a possible takeover offer.
Property Franchise Group was required, by no later than January 1, to either announce a firm intention to make an offer for Hunters Property or announce that it does not intend to make an offer.
Hunters Property, at the end of December, said January 1 deadline was extended to January 22.
On Friday, Hunters Property said negotiations with Property Franchise Group regarding a possible offer remain ongoing and, to allow further time for these discussions, Hunters Property has secured an extension to the deadline.
Accordingly, Property Franchise Group must, by no later than January 29, either announce a firm intention to make an offer for Hunters or announce that it does not intend to make an offer.
Hunters Property noted that this deadline can be extended further with the consent of the Takeover Panel.
Hunters Property shares closed untraded in London on Friday, last quoted at 71.33 pence each. Property Franchise Group shares ended the day up 0.5% at 188.00p.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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