£500 million Daisy takeover deadline extended

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Previous deadline for consortium to make offer was due to expire yesterday evening

The deadline for the potential £500 million takeover of Daisy Group by a consortium led by chief executive officer Matthew Riley has been extended.

The new deadline imposed by The Takeover Panel grants an 12 day extension for Toscafund Asset Management and Penta Capital to formally submit their 190p per share offer for the company. The new deadline will now be 5PM on September 22.

The extension was granted to allow more time to allow more time for due diligence on the deal which would value the firm at close to £500 million. At its current share price (September 11) this would represent a premium of just 4 pence per share.

News of the bid for the voice and data services provider first emerged in the middle of August. Toscafund is currently the largest shareholder in Daisy with 23 percent followed by Riley who holds 23 per cent.

Daisy floated on the AIM stock market in 2009, eight years after it was founded by Riley.

In its most recent financial results for the 12 months ending March 31, 2014, the company reported a £1.2 million yearly increase in revenue to £352.7 million, while gross profit rose by £9.6 million to £129.7 million.

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