(Alliance News) - Pollen Street Secured Lending PLC on Tuesday said that the UK takeovers panel has approved a deadline extension for Waterfall Asset Management LLC to either make an offer for the company or walk away.
The UK panel on Takeovers & Mergers has consented to extend the deadline for Waterfall to October 6. Waterfall was earlier required to make an offer for Pollen Street Secured Lending by Tuesday.
Pollen Street Secured Lending said: "The board has agreed to the extension of the relevant deadline because it believes it remains in the best interests of the company and shareholders to continue to seek to bring the Waterfall possible offer to the point where it can be formally considered by all of the company's shareholders."
The company, which invests in credit assets from non-bank lending platforms, in February had said that it was in discussions with Waterfall in relation to a possible cash offer of 900 pence per share.
Shares in Pollen Street Secured Lending were down 0.7% at 854.25p each in London on Tuesday, valuing the company at GBP629.3 million.
By Tapan Panchal; tapanpanchal@alliancenews.com
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