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.