Equals Group Receives Enhanced Proposal from Consortium for All-Cash Offer

October 30, 2024 09:28 PM AEDT | By Team Kalkine Media

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Equals Group Receives Enhanced Proposal from Consortium for All-Cash Offer — Image source: shutterstock

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Highlights

Equals Group has received an improved non-binding proposal from a consortium led by Railsr and TowerBrook, offering 135 pence per share plus a special dividend.

The proposal includes a special dividend of 2 pence per Equals share, payable upon completion of the transaction.

The consortium, now also including J.C. Flowers & Co., has confirmed the completion of due diligence and is progressing with transaction documentation.

On 10 July 2024, the Board of Equals Group (LSE:EQLS) announced that it received an improved indicative non-binding proposal from a consortium comprising Embedded Finance Limited (Railsr) and TowerBrook Capital Partners (U.K.) LLP. This proposal suggested a possible all-cash offer for the entire issued and to-be-issued share capital of Equals at a price of 135 pence per Equals share.

Subsequently, on September 4, 2024, the Board informed stakeholders that J.C. Flowers & Co. LLC had joined the consortium, with discussions regarding a fully equity-financed bid advancing to an advanced stage.

Today, the Board of Equals has announced that it received a further enhanced non-binding proposal from the consortium, maintaining the all-cash offer of 135 pence per Equals share. In addition to this offer, Equals shareholders will also be entitled to receive a special dividend of 2 pence per Equals share. This Special Dividend will be payable upon completion of the transaction and is separate from the interim dividend of 1 pence per Equals share, which was announced on September 10, 2024, and paid on October 25, 2024.

The consortium has indicated that it has completed its due diligence process and is moving forward with the necessary transaction documentation to finalize the proposal.

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