10/6/2014 10:30:54 AM
Daisy Group bid talks extended a third and final time
Talks between Daisy Group and a consortium led by CEO Matthew Riley have been extended for a third and final time. The consortium has until 20 October to make a firm offer or walk away from the deal.
Riley approached the Yorkshire-based firm’s board last month with a £470m bid to take the company private. The Daisy CEO and founder has the backing of a consortium that includes Toscafund Asset Management LLP – Daisy’s largest shareholder – and equity provider Penta Capital. The consortium already owns 51.5% of Daisy Group, with Riley holding a 23% share and Toscafund a stake of 28.5%.
The original deadline for the talks to conclude has been pushed back three times since then at the request of the consortium. The first extension granted by the Takeover Panel saw the deadline extended from 10 September to 22 September. The consortium then requested and was granted a further delay until 5pm on 6 October. This latest date is the final deadline with no recourse for a further extension.