On 13 August Daisy Group plc announced that it had received a preliminary approach relating to a possible cash offer for the Company at 190p per Daisy share from Toscafund Asset Management LLP, Penta Capital and Matthew Riley (pictured), the Chief Executive Officer of Daisy.
The consortium had an initial deadline of September 10th to make their intentions clear which was extended by the Takeover Panel to today, (5pm) 22nd September. Following the receipt of a request from the Consortium, the Independent Directors have sought the consent of the Panel for an extension of the current deadline to allow the Consortium to consider and finalise certain aspects of its proposal.
The Panel has consented to an extension of the deadline and, as such, each of Toscafund, Penta and Matthew Riley must, by not later than 5.00pm on 6 October 2014, either announce a firm intention to make an offer for Daisy in accordance with Rule 2.7 of the Code, or announce that they do not intend to make an offer for Daisy.
Rumors have been afoot about the future intentions of the consortium if a deal was to be reached. Tosca has a 28% share of Phoenix IT and Penta is a backer of Six Degrees. The combination of these companies would create a service offering and revenues that could rival Virgin Media.
Meet Daisy Wholesale at the Convergence Summit South – http://south.convergencesummit.co.uk/