Exova confirms discussions with potential suitors
Exova Group
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16:34 27/06/17
Exova Group, noting recent market speculation, confirmed on Monday it received proposals from Element Materials Technology, Jacobs Holding and PAI Partners SAS regarding a possible cash offer for the company.
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The London-listed firm said the possible offers were conditional on, amongst other things, completion of due diligence and the recommendation of the board.
Its board remained in discussions with the possible offerors regarding the possible offers, it said.
Under the takeover code, each possible offeror would be required to either announce a firm intention to make an offer or announce that it did not intend to make an offer by 1700 BST on 24 April.
That deadline may be extended with the consent of Exova and the Takeover Panel.
“There can be no certainty that any firm offer will be made by any of the possible offerors or the terms on which any offer might be made,” Exova’s board cautioned in a statement.
“A further announcement will be made in due course.”