UK regulator approves deadline extension for EQT Keywords offer
The UK's Panel on Takeovers and Mergers has given the nod for an extension before EQT Group has to formally submit an offer for Keywords Studios.
In a release to investors, the services giant said that the Swedish finance outfit has to submit an offer to acquire the company by 5pm BST on June 28th, or announce that it does not want to buy the firm anymore. Initially, EQT Group had to submit an offer by June 15th. The extension appears to be related to the Swedish company's due diligence, which is seemingly taking longer than expected.
EQT Group has said it will pay £2.2 billion ($2.8 billion) for the games services specialist. That represents a considerable premium for Keywords.
"The Board remains confident in the Company's growth strategy of building the only truly global platform providing solutions to the video games and entertainment industries, both organically and through acquisitions, and EQT is supportive of this strategy," Keywords wrote to investors at the time.
"The Board of Keywords Studios has carefully evaluated the Possible Offer with its financial advisers and concluded the Possible Offer is at a value that the Board would be minded to recommend to Keywords Studios shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer."
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