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LONDON - Lumon Acquisitions Limited has announced today that it will not pursue its earlier interest in making an offer to acquire Argentex Group plc, a decision that follows the initial expression of interest revealed on April 23, 2025. This announcement complies with Rule 2.6(d) of the City Code on Takeovers and Mergers, which now subjects Lumon and any affiliated parties to the restrictions outlined in Rule 2.8 of the Code.
The statement released today indicates that Lumon, along with any entities acting in concert, will not bid for the London-based foreign exchange service provider for a period of six months, unless certain conditions are met. These conditions include circumstances such as the withdrawal or lapse of the recommended cash acquisition of Argentex by IFX (UK) Ltd, an offer from a third party, or a significant change in circumstances as determined by the Takeovers and Mergers Panel.
Lumon’s decision to step back from the acquisition process is in line with the regulatory framework governing corporate takeovers in the UK. The company has reserved the right to reconsider its position within the next six months under specific scenarios, such as with the consent of Argentex’s board in the event of a change in the current acquisition proposal by IFX, or other situations permitted by the Panel.
The announcement is based on a press release statement and provides the latest development in the potential takeover saga involving Argentex. It is a significant update for shareholders and the market, as it clarifies Lumon’s current stance on the acquisition process. The financial community will continue to monitor the situation closely, given the dynamic nature of corporate mergers and acquisitions.
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