Essensys pushes out deadline for founder's takeover bid

(Sharecast News) - Essensys said on Wednesday that it has secured an extension to the deadline by which founder Mark Furness must either make a firm takeover offer or walk away, as discussions over a possible bid continued. The AIM-traded workplace technology group said on 28 November that Furness, a non-executive director, had submitted a preliminary, indicative and non-binding proposal for a possible all-cash offer at 20p per share.

Under UK takeover rules, he was originally required to clarify his intentions by 1700 GMT on 26 December.

Essensys said talks with Furness remained ongoing and that the board had requested, and received, consent from the Takeover Panel to extend the so-called 'put up or shut up' deadline.

The revised deadline had now been set for 1700 GMT on 23 January, by which time Furness must either announce a firm intention to make an offer under rule 2.7 of the Takeover Code or confirm that he did not intend to do so.

The company warned that there was no certainty that any firm offer would be made, nor as to the terms of any potential transaction.

Reporting by Josh White for Sharecast.com.