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BasePoint Capital sweetens takeover proposal for International Personal Finance
(Sharecast News) - International Personal Finance said on Wednesday that it had received a sweetened takeover proposal from US-based BasePoint Capital that it would be minded to recommend should a firm offer be made. BasePoint has upped its offer from 220p per share in cash to 235p. Under the terms of both offers, shareholders would be entitled to retain the interim dividend of 3.8p per share that was declared on 30 July and is expected to be paid on 26 September.
IPF said that BasePoint has completed its due diligence and the possible offer remains subject to satisfaction or waiver of a number of customary pre-conditions, including approval by the BasePoint board.
"The board and BasePoint are continuing discussions to progress the revised possible offer," it said. As a result, IPF has requestion an extension to the 'put up or shut up' deadline.
Under UK takeover rules, BasePoint now has until 22 October to either make a firm offer or walk away.
"There can be no certainty that any firm offer for IPF will be made even if the pre-conditions are satisfied or waived," the company said, adding that a further announcement will be made in due course as and when appropriate.
At 1555 BST, the shares were up 8% at 214.99p.
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