Purplebricks announced on Wednesday that discussions between it and Strike regarding its potential participation in the formal sale process remained ongoing and, in order to allow further time for said discussions, an extension to the deadline by which Strike must announce a firm intention to make an offer had been extended until 10 May.
“There can be no certainty as to whether Strike will make an offer for Purplebricks, nor the terms of any such offer, if made,” noted Purplebricks.
In an update to investors regarding its formal sale process, Purplebricks said following an extensive preliminary round of engagement with interested parties, the company has progressed into a ‘more targeted phase of detailed diligence and discussions with credible bidders, which are ongoing’.
Although Purplebricks and Strike are not currently participating in the formal sale process, discussions between the two firms have been and remain ongoing and, to allow further time for these discussions to continue, in accordance with Rule 2.6(c) of the Code, Purplebricks’ Board has requested, and the Panel on Takeovers and Mergers has consented to, an extension to the deadline by which Strike is required either to announce a firm intention to make an offer for Purplebricks in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Such announcement must now be made by not later than 5pm on 10 May 2023. This deadline can be further extended by the Board, with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
There can be no certainty as to whether Strike will make an offer for Purplebricks, nor the terms of any such offer, if made.
The Company remains in an “offer period” in accordance with the rules of the Code and the attention of shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.
Purplebricks shares closed yesterday down 3.16% at 7.04p, having recovered slightly from a record-low of 6.36p earlier in the day.
Purplebricks shares hit new low as takeover talks continue
