Dechra Pharmaceuticals PLC (LSE:DPH) said the deadline for a £4.6bn recommended all-cash offer for the veterinary supplies group by Swedish private equity firm EQT has been extended by three weeks.
Takeover rules state that a formal offer was due at 5pm on Thursday. That ‘put-up-or-shut-up’ date has now been pushed back to 2 June to allow EQT to carry out further due diligence.
Dechra confirmed the putative buyer has made “substantial progress” in its confirmatory assessment of the business and in preparing the documentation required to implement a formal offer.