Essensys extends 'put up or shut up' deadline as takeover talks continue

(Sharecast News) - Essensys confirmed on Friday that it had pushed back a key deadline, as takeover talks with the tech firm's founder continued. Mark Furness first made an indicative, non-binding takeover approach of 20p per share for the company he founded in 2006 at the end of last year.

Talks got underway and an initial so called 'put up or shut up' deadline of 26 December was extended into January.

However, in a brief update on Friday, the AIM-listed firm confirmed that talks remained ongoing and it had therefore applied to the Takeover Panel to extend the deadline once again, which the regulator had approved.

Furness therefore now has until 1700 GMT on 20 February to make a formal bid for the company or walk away.

Essensys, which provides software and technology to landlords and flexible workspace operators, reiterated that there remained no certainty a firm offer would be made, nor on what terms.

Furness led Essensys from its founding until May 2025, when he became a non-executive director.

Shares in the firm, which floated in 2019, were down 2% at 15.52p as at 1400 GMT. The stock has shed nearly 60% of its value over the last year.