Prezzo has issued a statement announcing that the Takeover panel has agreed to the extension to 14 November of the deadline for takeover proposals by Advent and TPG Capital. It reads:
“On 2 October 2014, the Board of Prezzo (the “Board”) announced that it had received preliminary proposals in relation to possible offers for the Company from Advent International plc (“Advent”) and TPG Capital LLP (“TPG”).
In accordance with Rule 2.6(a) of the Takeover Code (the “Code”), each of Advent and TPG are required, by not later than 5.00 p.m. on 30 October 2014 (the “Deadline”), either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that they do 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.
Following the receipt of requests from Advent and TPG, the Board has sought the consent of the Takeover Panel (the “Panel”) for an extension to the Deadline in order to further explore each of the proposals. Both Advent and TPG have had access to information which has been made available by the Company.
The Panel has consented to an extension to the Deadline such that each of Advent and TPG must now, by no later than 5.00 p.m. on 14 November 2014 (the “New Deadline”), either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The New Deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
This announcement has been made without the prior agreement or approval of Advent or TPG and does not constitute a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made for the Company, nor as to the terms on which any offer will be made.
A further announcement will be made in due course, as appropriate.”
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