Equals Group PLC (AIM:EQLS) shares jumped 8% to 121.25p as it extended the bid deadline as discussions move to an "advanced stage" with a private equity consortium.
The consortium comprised of TowerBrook Capital Partners and Railsr, later joined by JC Flowers, proposed a possible offer of 135p per share in July, with the proposal subject to the completion of due diligence and the finalisation of acquisition financing.
Equals has extended the put-up-or-shut-up deadline to 24 November, stating that due diligence has been completed and negotiations are moving forward.
Furthermore, it said shareholders will receive a 2p special dividend per share, payable upon completion of the transaction, on top of the interim dividend of 1p announced in September.