MWB Group has been given a third extension to announce a decision on its proposed £52m takeover of serviced office subsidiary Business Exchange.
The group, led by Richard Balfour-Lynn, now has until 5pm on 19 December to make an offer for the serviced office business in which it already holds a 72.3% stake.
A statement released to the Stock Exchange said: “Negotiations between Business Exchange, its shareholders and MWB are ongoing, and a further extension to the deadline has been sought in an attempt to ascertain the viability of a revised offer on terms which the independent directors are willing to recommend.
“It is emphasised that the relatively short-term nature of this further extension reflects the fact that further discussions between the parties are scheduled to take place in the next few days and does not imply that it is any more likely, nor any less likely, that an announcement of a firm intention to make an offer under Rule 2.7 of the City Code will follow.”
MWB Group and Business Exchange first announced they were in talks about a possible takeover on 13 July, following which two deadlines have been extended.
Most recently, a one-month extension was granted on 14 November until today.
Bridget.oconnell@estatesgazette.com
