Almost three months after Equals Group plc (LON:EQLS) announced it was conducting a review of its strategic options, the company has updated the matter.
As part of the strategic review, Equals has contacted a limited number of potential counterparties, including Madison Dearborn Partners, LLC, to evaluate whether such parties could submit a proposal that would provide greater value to Equals stockholders than the pursuit of an autonomous independent strategy.
Today, Equals confirmed that discussions are ongoing between Equals and Madison Dearborn Partners LLC and, to allow more time for those discussions to take place, the Board of Equals has asked the Panel on Takeovers and Mergers to extend the deadline for Madison Dearborn Partners to decide whether or not to make an offer further.
In light of this request, the Committee 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. of 21 February 2024, either to announce a firm intention to make an offer under Rule 2.7 of the Code or to 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.
There can be no assurance that an offer will be made or as to the terms of any offer, if made.