LONDON: H.I.G. European Capital Partners LLP, a private equity firm, has received renewed letters of intent from two major shareholders of DX, a logistics company, to back its possible offer for the company.

Gatemore Capital Management LLP and Lloyd Dunn, the CEO of DX, together hold about 31.6 per cent of DX’s shares and contracts for difference. They have agreed to support H.I.G.’s cash offer of at least 48.5 pence per share, subject to the approval of DX’s board by 6 November 2023.

H.I.G. announced its interest in buying DX on 11 September 2023, but has not yet made a firm offer. It has until 5.00 p.m. on 6 November 2023 to do so or walk away, unless the Takeover Panel grants an extension.

H.I.G. said it could lower its offer if DX’s board agrees or if a rival bidder emerges.

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