Equals Group plc, a leading provider of banking and international payments services, is exploring strategic options that could lead to a takeover by Madison Dearborn Partners LLC, a private equity firm. The company announced the review of its strategic options on 1 November 2023, and said that it was in contact with a limited number of parties who could offer a better deal than its current independent strategy.
The company also said that any proposal could involve an offer for all its shares, and that it had entered an ‘offer period’ under the Takeover Code. The deadline for Madison Dearborn Partners LLC to announce its intention to make an offer or not, known as the PUSU Deadline, was initially set for 29 November 2023, but has been extended twice, first to 27 December 2023 and then to 24 January 2024, as the discussions between the two parties continue.
The Board of Equals Group plc has now requested a further extension of the PUSU Deadline, which has been granted by the Panel on Takeovers and Mergers. The new deadline is 5.00 pm on 21 February 2024, but it could be extended again with the consent of the Panel, at the company’s request.
The company said that its current trading was in line with its expectations and that it was confident in its long-term growth prospects. It also cautioned that there was no guarantee that an offer would be made or what the terms would be, if any.