(Alliance News) - STM Group PLC on Tuesday extended the deadline for an announcement of a potential intention of a takeover offer by PSF Capital GP II Ltd, as general partner of PSF Capital Reserve LP.
STM, a London-based cross border financial services provider, said the deadline is extended to 1700 BST on August 22. It was supposed to run out on Tuesday at 1700 BST. PSF now has until August 22 to announce whether it has a firm intention or not to make an offer for STM.
In July, STM said the possible offer from Pension SuperFund Capital was for 70 pence per share. It had a market capitalisation of GBP16.3 million, so the offer from PSF would value STM just above GBP40 million. PSF provides pension savings and pension risk transfers.
STM noted that discussions between Pension SuperFund Capital and STM are ongoing.
STM shares rose 9.6% to 54.80 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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Stm Grp. (STM)