Laxey Partners has been given another extension to the “put-up or shut-up” deadline set by the City’s Takeover Panel for it to make a formal offer for TDG.
It has now been given until 5pm on 4th July to decide whether or not to go ahead with an offer.
Laxey, along with rival bidder Wincanton, was originally given until 20th June to make a bid. However, Wincanton pulled out of the race before than deadline leaving Laxey as the only potential bidder.
Laxey was then given until today (27th June) to decide whether it would make a former offer.
The Takeover Panel said: “No extension to the revised deadline will be granted, except with the consent of the Panel Executive. In the event that Laxey Partners announces that it does not intend to make an offer for TDG, Laxey Partners and any person acting in concert with it will, except with the consent of the Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement. Each of the parties has accepted this ruling.”