Equals Group Evaluates Revised Takeover Bid with Special Dividend

LONDON - Equals Group plc (LON:EQLS), a fintech company, is evaluating a revised takeover offer from a consortium comprising Embedded Finance Limited (Railsr), TowerBrook Capital Partners (U.K.) LLP, and J.C. Flowers & Co. LLC. The new indicative non-binding offer proposes a cash purchase of 135 pence per share for Equals shareholders, along with a special dividend of 2 pence per share upon completion of the deal. This offer is in addition to an interim dividend of 1 pence per share payable on October 25, 2024.

The consortium has completed its due diligence process and has begun preparing the necessary transaction documents. The Equals Board of Directors has requested an extension of the "put up or shut up" (PUSU) timeframe, which is scheduled to end today at 5:00 PM, in order to allow for more time for strategic review. The Takeover and Mergers Panel has accepted the extension request and set a new deadline for the consortium to announce its firm intention to make an offer or withdraw by November 20, 2024, at 5:00 PM.

This extension comes after a series of discussions and improvements regarding the conditions of the potential acquisition. The Equals Board is actively considering the offer, which could lead to a significant change in the ownership structure of the company. However, there is no guarantee that a final offer will be made.

The consortium's potential acquisition of Equals is subject to regulatory approvals and other customary closing conditions. The company's shareholders are advised that this announcement is based on a press release and that they should await further clarification before making any decisions regarding their shares.

As the outcome of this strategic review and potential acquisition could have implications for Equals’ future operations and strategy, it will be closely monitored by investors and market analysts.