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Essensys extends PUSU deadline for third time as talks continue
(Sharecast News) - Essensys, the AIM-listed landlord and workspace software group, has once against extended the 'put up or shut up' deadline as talks continue about a potential takeover by founder Mark Furness. The company said late on Friday afternoon that it was extending the deadline by which Furness must announce a firm intention to make an offer or walk away to the end of play on 25 February. This is the third time the PUSU deadline has been pushed back.
Furness, currently a non-executive director who founded the company in 2006 before going public in 2019, first submitted a preliminary, indicative, non-binding proposal to the board on 28 November.
The potential all-cash offer valued the company at 20p per share, ahead of the 14-15p level at the time, though a fraction of the 250-275p range seen in 2022.
"Discussions between the company and Mark Furness remain ongoing. Therefore, the board of essensys has requested, and the [Takeover] panel has consented to, an extension of the PUSU deadline," the company said.
"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any such offer might be made."
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