DX (Group) has announced that H.I.G. European Capital Partners will now have until November 21 to present a formal offer for its potential takeover bid of £293.4 million ($363.3 million), or choose to walk away.
The London-listed delivery company has granted this deadline extension, which was previously extended from October 9. It is important to note that there is no certainty that a firm offer will be made, even with a further possible extension.
H.I.G. has made progress regarding the possible offer and has requested the extension. In a separate statement, H.I.G. confirmed receiving letters of intent from DX shareholders, indicating their support for the deal, which represents approximately 29.4% of DX's issued share capital.
On September 11, DX initially disclosed receiving an indicative offer of 48.5 pence per share after rejecting various previous proposals. However, any offer remains conditional upon satisfactory due diligence and the fulfillment or waiver of several pre-conditions by H.I.G.
It is worth mentioning that the offer price presents a 33% premium in comparison to DX's closing share price of 36.50 pence on September 8.