Keywords Studios extends deadline for offer from EQT

14th Jun 2024 09:16

(Sharecast News) - Keywords Studios announced an extension to the deadline for a possible cash offer from a fund within the EQT Group on Friday.

The AIM-traded firm said the original deadline for EQT to announce a firm intention to make an offer or withdraw was 1700 BST on 15 June.

That had now been extended to 1700 BST on 28 June, to allow EQT to complete its confirmatory due diligence.

The proposed offer from EQT stood at 2,550p per share, aimed at acquiring the entire issued and to-be-issued share capital of Keywords Studios.

Shareholders registered by 24 May would also receive the final dividend for 2023, amounting to 1.76p per share, payable on 28 June.

The extension was granted by the Takeover Panel, with Keywords noting that further extensions could be requested.

Keywords said EQT retained the right to make an offer at a lower value or on less favourable terms under certain conditions, such as the agreement of the Keywords board or the emergence of a competing offer of lesser value.

EQT also reserved the right to adjust the possible offer if Keywords declared or paid any additional dividends beyond the 2023 final dividend.

Additionally, EQT could change the form and mix of the offer consideration.

At 0901 BST, shares in Keywords Studios were up 2.9% at 2,198p.

Reporting by Josh White for Sharecast.com.