(Sharecast News) - FireAngel Safety Technology updated the market on its proposed acquisition by Intelligent Safety Electronics (ISE) on Friday, confirming an extension of the legally mandated assessment period.
The AIM-traded firm said the extension stemmed from the National Security and Investment Act (NSIA), which grants the Secretary of State 45 working days to make a decision regarding the takeover or apply remedies, subject to possible further extensions.
It said the offer was contingent on several conditions, including regulatory clearance under the NSIA.
As a result, the offer timetable remained suspended until all conditions were met or waived.
On fulfilment of the conditions, the offer timetable would resume, with ISE expected to make an announcement confirming the new day 60.
During the suspension period, the requirement for ISE to announce acceptance levels was waived, and would be reinstated once the offer timetable resumed.
In light of the recent developments, ISE and FireAngel had mutually agreed to extend the long stop date to 31 July, while reaffirming that the terms and conditions of the offer remained unaltered.
Reporting by Josh White for Sharecast.com.
Fireangel (FA.)