News

Smoove Extends Deadline for Possible Takeover Bid

1 Mins read

Smoove, a real-estate platform provider, saw a boost in its shares on Friday following the announcement that the deadline for a potential takeover bid from Australian-listed property settlement platform PEXA Group has been extended. The new deadline for the bid is now August 11, allowing for adequate due diligence to be conducted.

As of 07:07 GMT, shares in Smoove were up 9% at 41.0 pence, representing a 3.4 pence increase.

Smoove confirmed that it is actively engaged in discussions with PEXA, which have progressed positively. The two companies are exploring a cash offer for Smoove’s entire share capital, and a formal due diligence process has recently commenced.

Under UK takeover rules, PEXA has until August 11 to either make an offer or withdraw from the bidding process, according to Smoove.

No specific financial details have been disclosed by the group at this time.

It’s worth noting that Smoove initially revealed discussions with PEXA on April 24, but also mentioned that it was considering other potential deals. As of now, there is no guarantee that an agreement will be reached, as stated by the company.

Related posts
News

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…

Leave a Reply

Your email address will not be published. Required fields are marked *

− 3 = 2