Equals Group Provides Strategic Review Update and PUSU Extension
The announcement of 1 November 2023 stated that, in accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 29 November 2023, MDP must either announce a firm intention to make an offer for Equals under Rule 2.7 of the Code or announce that it does not intend to make an offer for Equals, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies (the "PUSU Deadline"). That deadline was subsequently extended on a number of occasions, most recently to 5.00 pm on 12 June 2024, as announced on 15 May 2024. Equals is no longer in discussions with MDP about an offer for the Company and the Company notes that MDP has, accordingly, released a statement under Rule 2.8 confirming that it does not intend to make an offer for the Company. However MDP, together with MoneyGram International Inc. (a portfolio company of MDP), is evaluating various potential strategic alternatives with the Company, including commercial arrangements focused on the Company's B2C business and technology platform. The announcement of 20 March 2024 regarding the Consortium stated that, in accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 17 April 2024, the Consortium must either announce a firm intention to make an offer for Equals under Rule 2.7 of the Code or announce that it does not intend to make an offer for Equals, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline was subsequently extended to 5.00 pm on 12 June 2024, as announced on 15 May 2024. As part of the Strategic Review, discussions and due diligence are advancing between Equals and the Consortium regarding a possible offer for the Company and, to allow further time for these discussions and due diligence to take place, the Board of Equals has requested that the Panel on Takeovers and Mergers (the "Panel") extends the PUSU Deadline further. In the light of this request, an extension has been granted by the Panel and, in accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 pm on 10 July 2024, either to announce a firm intention to make an offer 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. This revised PUSU Deadline may be extended with the consent of the Panel, at Equals' request, in accordance with Rule 2.6(c) of the Code. There can be no certainty either that an offer will be made nor as to the terms of any offer, if made.