LONDON - Team Internet Group plc, a publicly-traded company, is currently evaluating takeover proposals from two potential suitors, TowerBrook Capital Partners (WA:CPAP) (U.K.) LLP and Verdane Fund Manager AB. Each has offered 125 pence per share in cash, with an alternative for shareholders to opt for unlisted equity instead. The board previously rejected earlier proposals, deeming them too low.
These preliminary offers, which are not yet firm commitments, follow prior speculation and were made with a series of preconditions, including satisfactory due diligence, financing finalization, and definitive transaction documentation. Team Internet’s board, alongside its advisors, is assessing these approaches and plans to issue updates as the situation develops.
As per the Takeover Code, the potential acquirers have until 5:00 pm on February 4, 2025, to either declare their intention to make a definitive offer or to withdraw. Extensions to this deadline require the Takeover Panel’s approval.
This news was disclosed today without the consent of the potential offerors, and there remains no guarantee that any firm offer will materialize or under what terms it might be made. The information in this article is based on a press release statement.
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