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LONDON - Kondor AI plc and Ora Technology plc have announced a further extension to the deadline for Kondor to declare its intention to acquire Ora. The new deadline set by the Takeover Panel is now 5.00 p.m. London time on April 4, 2025.
The ongoing discussions between the two companies, both incorporated in England and Wales and listed on the Aquis Stock Exchange Growth Market (AQSE: KNDR / AQSE: ORA), have yet to solidify into a firm offer. This announcement follows a series of extensions previously granted, with the most recent one having been set for today.
The potential acquisition terms initially disclosed on August 23, 2024, involved Kondor acquiring all issued and to be issued share capital of Ora in exchange for new shares in Kondor. The share exchange ratio was revised on December 9, 2024, after Ora issued new ordinary shares, setting the current ratio at 0.9848 Kondor shares for each Ora share.
Despite the advanced stage of their discussions, the companies have made it clear that there is no certainty that a firm offer will be made. Both parties will make further announcements when appropriate, in compliance with the City Code on Takeovers and Mergers.
This extension allows Kondor additional time to announce either a definitive intention to make an offer for Ora or to withdraw from the process. The Takeover Panel has the authority to grant further extensions if requested by Ora, as per the rules.
The responsibility for this announcement has been attributed to Jonathan Bixby of Kondor and Michael Edwards of Ora, indicating that both companies have consented to the communication of this development.
Investors and stakeholders in both Kondor AI plc and Ora Technology plc are advised to await further announcements for any firm decisions regarding the acquisition. This latest development is based on a press release statement by the involved companies.
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