Network International suitors given more time to make firm offers

(Sharecast News) - Discussions about a potential £2.1bn takeover are ongoing, Network International Holdings confirmed on Thursday, as a key deadline was extended once again. The London-listed firm, which provides technology-enabled payment services in the Middle East and Africa, is currently considering two possible proposals. In April, CVC Capital Partners and Francisco Partners made a non-binding offer of 387p per share, which was then topped by a 400p per share approach from Brookfield Asset Management.

Earlier this month, Network International confirmed that a deadline for Brookfield to make a firm offer or walk away - known as a put up or shut up - had been extended until 1 June.

On Thursday, however, the firm said that discussions with both potential bidders were ongoing, and as a result, the Takeover Panel had granted another deadline extension. Both parties now have until 1700 BST on 9 June to make a firm offer or walk away.

Network International noted that there was still no certainty that any offer would be made.