Equals Group plc (LON:EQLS) today provided an update on talks with Madison Dearborn Partners LLC.
As part of the strategic review, discussions are ongoing between Equals and Madison Dearborn Partners LLC and, to allow more time for those discussions, the Board of Equals has asked the Panel on Takeovers and Mergers to extend the deadline for Madison Dearborn Partners for further bidding.
In light of this request, an extension was granted by the Commission and, pursuant to Rule 2.6(a) of the Code, Madison Dearborn Partners LLC is required, no later than 5:00 p.m. on April 17, 2024, to either announce a firm intention make an offer under rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
On November 1, 2023, the Board of Equals announced that it is conducting a review of the Company’s strategic options and that as part of that process, the Company has contacted a limited number of potential counterparties, including Madison Dearborn Partners, LLC, to evaluate whether such parties could submit a proposal that would deliver greater value to Equals shareholders than pursuing a stand-alone independent strategy.
While the Board recognizes the time that has passed since the Strategic Review was initiated, it believes that it is in the best interests of shareholders that the Strategic Review remain ongoing to allow more time for its completion.