Smoove extends takeover talks with PEXA Group
Conveyancing firm Smoove has confirmed that it is extending the deadline for talks regarding a potential takeover with PEXA Group.
The takeover bid from the Australian firm was confirmed last month, after Smoove said discussions with a third party had ended due to a potential transaction with PEXA.
At the time (25 April), it said it had been considering an 'alternative potential transaction' proposed by a seperate third party, but added:
"The company has now been notified by the third party that following disclosure of the possible offer it is discontinuing discussions in relation to this alternative potential transaction."
PEXA - who run a similar platform to Smoove - had 28 days to make a formal offer or decline to do so, with the deadline falling on 22nd May 2023, or it would require an extension to continue discussions.
Smoove yesterday confirmed that it had requested an extension to the discussions, which it says 'remain ongoing'.
PEXA now have until 16th June 2023 to submit a formal offer or withdraw from discussions.
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