Extension of Rule 2.6 Deadline
Board extends Rule 2.6 deadline to 2 July 2025 for Consortium to announce firm offer or walk away.
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On 7 May 2025, Empresaria Group plc (AIM: EMR), the international specialist staffing group ("Empresaria" or the "Company" and, together with its subsidiary undertakings, the "Group") announced that it had received an unsolicited indicative offer from an entity to be incorporated and controlled by a consortium of individuals comprising Peter Gregory, Nigel Marsh and Ashok Vithlani (the "Consortium"), to acquire the entire issued and to be issued share capital of the Company (the "Possible Offer").
The board of directors (the "Board") has carefully considered the Possible Offer, in conjunction with its advisers, and believes that it fundamentally undervalues the Company and its prospects. The Board continues to explore other options to realise value for shareholders.
However, in order to allow further time for the Consortium to improve the Possible Offer, the Board is providing the Consortium with access to appropriate due diligence. To progress this exercise, the Company has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension of the current deadline of 5.00 pm on 4 June 2025 by which time the Consortium was required to, in accordance with Rule 2.6(a) of the Code, either announce a firm intention to make an offer for the Company under Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Accordingly, in accordance with Rule 2.6(a) of the Code, the Consortium is now required, by not later than 5.00 pm on 2 July 2025, to either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This revised deadline may only be extended with the consent of the Panel, at Empresaria's request, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that an offer will be made.
Rule 26.1 disclosure
Additional Information
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.