31st Jul 2018 12:48
LONDON (Alliance News) - Children's services provider Cambian Group PLC on Tuesday said CareTech Holdings PLC has secured a deadline extension for it to make a firm offer for Cambian.
CareTech had requested the original Wednesday next week deadline be pushed back to allow it to finish due diligence and arrange financing.
The Panel on Takeovers & Mergers, at Cambian's request, has agreed to move the deadline to 1700 BST on August 16 for CareTech to make it known whether it is to make a firm offer or not.
Last Tuesday, CareTech made a revised proposal worth 0.267 CareTech shares and 100 pence in cash for each Cambian shares, or a full cash offer at 190p.
A previous proposal had valued Cambian at 220p per share, or an all cash settlement of 200p per share, valuing Cambian at around GBP405.2 million.
Shares were 2.9% higher on Tuesday at a price of 186.20 pence each.