11th May 2023 10:19
(Alliance News) - Network International Holdings PLC on Thursday said it has agreed to extend the put up or shut up deadline for CVC Advisers Ltd and Francisco Partners Management LP to make a firm takeover offer for the firm.
Network International first announced it had received a takeover proposal from CVC Advisers and Francisco Partners in April.
Under the proposal, Network International would receive 387 pence per share, representing a 58% premium to the firm's closing price on the last business day before the announcement was made.
Following Thursday's extension, CVC Advisers and Francisco Partners now have until June 1 to make a firm offer for the Middle East and Africa-focused payments provider.
The offer by CVC Advisers and Francisco Partners is not the only takeover offer Network International has on the table, however.
In late April, Network International confirmed it had received a takeover offer from Brookfield Asset Management Ltd for 400p per share. This represented an 11% premium to the company closing price the year before the announcement.
Brookfield is required to make an offer by May 19, though Network International noted on Thursday that this deadline may be extended.
Shares in Network International were down 0.8% at 372.00p on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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