Equals Group plc (LON:EQLS) today provided an update on its discussions with Madison Dearborn Partners, LLC.
On 1 November 2023 the Board of Equals Group plc (LON:EQLS) announced that it is conducting a review of the company’s strategic options and that as part of this process, the company has approached a limited number of potential counterparties, including Madison Dearborn Partners, LLC, to assess whether such parties could submit a proposal that would provide greater value to Equals shareholders than pursuing a stand-alone independent strategy.
The November 1, 2023 notice stated that, pursuant to Rule 2.6(a) of the Code, no later than 5:00 p.m. on November 29, 2023, Madison Dearborn Partners, LLC must either announce a firm intention to make an offer for Equals pursuant to Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Equals, in which case the announcement will be treated as declaration to which Rule 2.8 of the Takeover Code applies (the “PUSU Deadline”).
This deadline was initially extended to 5.00 p.m. on December 27, 2023, as announced by the Company on November 29, 2023, and then extended to 5.00 p.m. on January 24, 2024, as announced on December 27, 2023, and then further extended to 5.00 p.m. on February 21, 2024, as announced on January 24, 2024.
As part of the Strategic Review, discussions are ongoing between Equals and Madison Dearborn Partners LLC and, in order to allow more time for those discussions to take place, the Equals Board has requested the Mergers and Acquisitions Committee to further extend the Deadline of PUSU.
In light of this request, the Commission granted an extension and, pursuant to Rule 2.6(a) of the Code, required Madison Dearborn Partners LLC, no later than 5:00 p.m. on March 20, 2024, to either announce a firm intention to makes an offer under Rule 2.7 of the Code or announces that it does not intend to make an offer.
This revised PUSU deadline may be extended with the consent of the Committee, at the request of Equals, in accordance with Rule 2.6(c) of the Code.
There can be no assurance that an offer will be made or as to the terms of any offer, if made.