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Network International Holdings PLC on Friday said it has agreed to extend the put up or shut up deadline for Brookfield Asset Management Ltd to make a firm takeover offer for the company.
The Middle East and Africa-focused payments provider said Brookfield now has until June 1 to make a firm offer, although this deadline can be extended further.
In late April, Network International confirmed it had received a takeover offer from Brookfield Asset Management Ltd for 400p per share. This represented an 11% premium to the company closing price the year before the announcement.
The company noted that it has also received a proposal from a consortium of CVC Advisers Ltd and Francisco Partners Management LP for 387p per share. The consortium also has until June 1 to make a firm offer.
Network International shares rose 1.6% to 370.80 pence each in London on Friday morning.
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