Private equity house TowerBrook Capital have a reputation for playing hard-ball.
Indeed, news came today that they and consortium partner Railsr have submitted an "improved indicative non-binding proposal" of 135p/share (£276m fully diluted) in cash for international payments platform Equals (EQLS)
This represents a modest 15% premium compared to last night's close of 117p - and lower than my own fair value of 170p.
That said, I trust the Board's judgement fully, and know they will continue to always act in the shareholders' best interests.
Hence, the PUSU deadline has been extended again to 5pm on August 7, 2024 - in order for the consortium to complete "final" due diligence and put its financing package in place.
Watch this space.
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