9th Oct 2023 10:12
(Alliance News) - DX Group PLC on Monday said it extended the deadline for HIG European Capital Partners LLP, an affiliate of Miami, Florida-based HIG Capital LLC, to announce a takeover intention.
DX, a Slough, England-based parcel delivery company, said the extension was to November 6.
HIG European Capital Partners in September confirmed it had made a possible all-cash offer for DX. HIG European has about USD59 billion in assets under management and 19 global offices.
HIG back then said it had received letters of intent in support of its offer from Gatemore Capital Management LLP for its 19.0% stake in DX and from former DX chief executive Lloyd Dunn for his 12.6% holding, meaning 31.6% in total.
Gatemore has been DX Group's largest shareholder since 2017. At the time, it led a campaign to replace the DX Group board, and this resulted in the appointment of Dunn as CEO. He left the company in September last year.
The potential offer is for 48.5 pence per share. This would value all of DX at GBP293.4 million.
DX shares were 0.2% lower at 42.15 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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