(Alliance News) - Network International Holdings PLC on Thursday said it extended its deadline for CVC Advisers Ltd and Francisco Partners Management LP to make a formal takeover offer.
Network International, a Middle East and Africa-focused payments provider, said the potential buyers now have until next week Friday to make a firm offer or say they do not intend to do so.
Network International first announced it had received a takeover proposal from CVC Advisers and Francisco Partners in April.
Under the proposal, Network International shareholders would receive 387 pence per share, representing a 58% premium to the stock's closing price the day before the announcement.
Network International shares were 0.7% lower at 363.60 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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Network International (NETW)