Financial services firm Equals Group PLC (AIM:EQLS) has said talks over its potential takeover have been extended into next month.
A consortium including TowerBrook and Embedded Finance initially had until Wednesday to firm up an offer for Equals, with the deadline now being pushed to October 2.
This is to allow further time for due diligence and to agree on financing arrangements for the acquisition, Equals said in a statement.
An all-cash offer had been proposed on July 10, equating to 135p per share in Equals and a 15% premium on its closing price the day before.
“Discussions [are] now at an advanced stage,” Equals added on Wednesday, and “continue to progress in relation to a fully equity financed bid”.
This would also be backed by JC Flowers & Co, Equals said, after it joined the consortium most recently.
Shares fell 3.8% on Wednesday.