TalkTalk Telecom extends deadline for major shareholder to make a firm offer for the company until D
TalkTalk Telecom Group PLC (LON:TALK) said it has extended the deadline for its major shareholder Toscafund Asset Management (TAM) to make a firm offer for the company until December 3 to allow commercial discussions and due diligence to continue.
TAM proposed a 97p-a-share cash offer for the broadband provider in October, together with a full unlisted share alternative. The original deadline for it to either make a firm offer or walk away was Thursday.
In today’s brief statement, TalkTalk cautioned: “There can be no certainty that a firm offer will be made for the Company by TAM”.
There are certain pre-conditions before making a firm offer, including that Toscafund receives a binding agreement from Talktalk’s chairman Charles Dunstone in support of the offer.
Another pre-condition is the election for any unlisted share alternative in respect of Dunstone’s entire holding of ordinary shares in the company.