By Joe Hoppe
DX (Group) said that H.I.G. European Capital Partners now has until Nov. 21 to set out an intention to make a firm offer in its possible 293.4 million pound ($363.3 million) takeover bid, or walk away.
The London-listed delivery company said the deadline has been extended from Monday, having previously been extended from Oct. 9. The revised deadline can be extended further, though there can be no certainty a firm offer will be made.
DX said H.I.G. continues to make progress with the possible offer, and requested the extension. H.I.G. said in a separate statement it has received letters of intent from DX shareholders pledging support for the deal, representing around 29.4% of DX’s issued share capital.
DX first said on Sept. 11 it had received an indicative offer of 48.5 pence a share, following the rejection of a number of previous proposals. Any offer is conditional upon satisfactory due diligence and the satisfaction or waiver by H.I.G. of a number of pre-conditions.
The offer price is a 33% premium to DX’s closing share price of 36.50 pence on Sept. 8.
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