LONDON - Kondor AI plc and Ora Technology plc have announced a further extension to the deadline for Kondor's potential acquisition of Ora. The new deadline set by the Takeover Panel is now 5.00 p.m. London time on 7 February 2025.
The two companies, both incorporated in England and Wales and listed on the Aquis Stock Exchange Growth Market (AQSE: KNDR / AQSE: ORA), originally revealed their intention to merge on 23 August 2024. They had agreed to a share exchange ratio, which was later revised on 9 December 2024 after Ora issued new ordinary shares. The current agreed exchange ratio is 0.9848 Kondor shares for each Ora share.
Despite the ongoing discussions and the progress made, there is no certainty that a firm offer will be made. Today's announcement, which is in line with the City Code on Takeovers and Mergers, clarifies that the discussions are at an advanced stage but do not constitute a firm intention to make an offer.
The series of extensions, previously announced on 20 September, 18 October, 15 November, and 13 December 2024, indicate that both parties are still exploring the potential transaction. The Takeover Panel has granted the extension at the request of Ora, allowing for additional time to finalize the discussions.
Jonathan Bixby of Kondor and Michael Edwards of Ora are responsible for the release of this announcement, which has been made with the consent of both companies.
This update is based on a press release statement and provides the latest information on the potential merger between Kondor AI plc and Ora Technology plc.
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