Equals Group plc (LON:EQLS) has today issued an update on its strategic review.
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 (MDP), to assess whether such parties could make a proposal that would deliver greater value to Equals shareholders than pursuing a stand-alone independent strategy;
On 20 March 2024 Equals announced that it had received an indicative non-binding proposal from a consortium consisting of Embedded Finance Limited (Railsr) and TowerBrook Capital Partners (UK) LLP regarding a potential offer for all of the issued and to be issued share capital by Equals.
The Board of Directors considers that it is in the best interests of the shareholders that the Strategic Review remains ongoing to allow more time for it to reach its conclusion.
While the Board recognizes the time that has passed since the initiation of the Strategic Review, having now received indicative non-binding proposals from both MDP and the Consortium, it considers that it is in the best interests of shareholders for the Strategic Review to remain ongoing to allow further time to reach a conclusion.
The deadline was extended. Pursuant to Rule 2.6(a) of the Code, each of the MDPs and the Consortium shall, no later than 5.00 p.m. of 12 June 2024, either to announce a firm intention to bid in accordance with rule 2.7 of the Code or to announce that they do not intend to bid.
This revised deadline may be extended with the consent of the Commission at the request of Equals.
There can be no assurance that an offer will be made or as to the terms of any offer, if made.