Daisy Group agrees second takeover deadline extension


Deadline for £500 million buyout of the telecommunications provider extended for a second time

Telecommunications company Daisy Group has agreed a second extension to the deadline of a takeover by a consortium led by chief executive officer Matthew Riley.

The consortium, which involves Toscafund Asset Management and Penta Capital, now has until October 20 to formally submit of 190 pence per share for the company. It would value the company at around £500 million.

The latest deadline extends two previous deadlines which expired today (October 6) and September 10.

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 28.5 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.