Equals Group PLC (AIM:EQLS) shares fell 4% 119p as it allowed a consortium of bidders yet more time to finalise and confirm its potential takeover.
The consortium comprised of private equity groups TowerBrook Capital and JC Flowers, along with embedded finance platform Railsr, are making slow progress after a possible offer of 135p per share was proposed in July.
Having already extended the put-up-or-shut-up (PUSU) deadline to November after the completion of due diligence, Equals now has pushed it back to 11 December.
It said the consortium has not yet concluded its own internal negotiations "regarding the basis on which Railsr will be contributed in parallel with the possible offer".
Shareholders are due to receive a 2p special dividend per share, payable upon completion of the transaction, on top of the interim dividend of 1p announced in September.