28th Apr 2016 15:35
LONDON (Alliance News) - AIM-listed sports agency TLA Worldwide PLC on Thursday said the deadline for Atlantic Alliance Partnership Corp to make a firm offer for TLA has been extended to May 5.
The initial deadline had been April 21, which was then extended to April 28.
AAPC's offer values TLA at 65.00 pence per share, or about GBP98.5 million. If a firm offer is made and accepted, TLA shareholders will receive 10 new AAPC shares for every 111 shares they own in TLA.
AAPC plans to make available a partial cash alternative up to a maximum of USD60.0 million. Should they wish, TLA shareholders will be able to receive 61.5 pence in cash per TLA share instead of some or all of the new AAPC shares they would otherwise receive in the possible offer.
TLA plans to pay a final dividend for 2015 of 0.8 pence per share, with the payment to be made before completion of the possible takeover.
"There can be no certainty that AAPC will proceed to make a firm offer for TLA. A further announcement will be made in due course," TLA said in a statement.
Shares in TLA closed at 55.50 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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