STM Group PLC - London-based cross border financial services provider - Notes UK Takeover Panel has extended the deadline for a 'put-up-or-shut-up' takeover offer from Pension SuperFund Capital GP II Ltd as general partner of Pension SuperFund Capital Reserve LP. Says the deadline has now been extended to September 27 from Friday for Pension SuperFund Capital to either announce a firm intention to make an offer or that it does not intend to make an offer. Says Pension SuperFund Capital is in the late stages of securing credit committee approval from its lending bank for a new credit facility, which would enable both parties to complete the further work required for Pension SuperFund Capital to make an offer. STM also says it is in the process of discussing irrevocable undertakings to vote in favour of the offer from certain shareholders. This would be on the basis that credit committee approval is received from Pension SuperFund's lending banker.
On Tuesday, both parties reached an agreement over a possible offer for all STM shares at a price of 67 pence each. In early July, there were discussions of a 70p offer per share.
Current stock price: 56.66 pence, down 5.6%
12-month change: More than doubled
By Greg Rosenvinge, Alliance News reporter
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Stm Grp. (STM)