By Michael Susin
DX (Group) said it has extended the deadline for a takeover proposal from H.I.G. European Capital Partners to Nov. 6.
The London-listed delivery company said Monday that the parties have made substantial progress toward completing the due diligence procedure and preparing the necessary documentation for the offer.
H.I.G. previously had until Monday to either make a formal offer for the company, or withdraw under U.K. Takeover Panel rules, in a deal that values DX at 293.4 million pounds ($359.1 million).
DX previously said it would be prepared to recommend the deal to shareholders if a formal offer is made.
The revised deadline may be extended further, it added.
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