Possible Offer for Team Internet Group plc

THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.

Team Internet Group plc

Possible Offer for Team Internet Group plc ("Team Internet")

Following recent media speculation, the Board of Team Internet (the "Board") confirms it has received two separate approaches from TowerBrook Capital Partners (U.K.) LLP ("TowerBrook") and Verdane Fund Manager AB ("Verdane") respectively (each a "Potential Offeror") regarding possible offers to acquire the entire issued and to be issued share capital of Team Internet.

Each proposal is for 125 pence per Team Internet share in cash with an option for Team Internet shareholders to elect for an unlisted equity alternative in respect of Team Internet shares.

The two proposals follow earlier approaches from each of the respective offerors, both of which were rejected by the Board as undervaluing the Company and its future prospects.

Both proposals are subject to satisfaction or waiver of a number of pre-conditions, including completion of satisfactory due diligence, finalisation of financing and definitive transaction documentation.

The Board is currently considering both approaches with its advisers, including limited interaction with the Potential Offerors, and will make further announcements in due course as appropriate.

In accordance with Rule 2.6(a) of the Takeover Code, each of the Potential Offerors are required, by not later than 5.00 pm on 4 February 2025, to either announce a firm intention to make an offer for Team Internet in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Team Internet, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code.

This announcement has been made without the consent of either of the Potential Offerors. There can be no certainty that any firm offer will be made, nor as to the terms on which such offer might be made.

Relevant Securities in Issue