The so-called “put up or shut up” (PUSU) deadline for the prospective bid for Action Hotels PLC (LON:AHCG) has been extended to August 9.
Under the terms of the UK Takeover Code, Action Group Holdings, which is mulling making an offer for Action Hotels, had been obliged to clarify its intentions by no later than 5.00pm today, but the Panel on Takeovers and Mergers has agreed to extend it by 13 days.
READ: Action Hotels receives bid approach
An agreement has been reached on the terms of a possible cash offer of 24p a share. Action Group Holdings, a group that is backed by existing Action Hotels PLC directors Sheikh Mubarak A M Al-Sabah and Rawaf Bourisli, now has to make a firm offer by August 9 or walk away, although the possibility exists for the group to seek another extension of the deadline.
