Merchant Securities: Deadline For Sanlam UK To Make Offer Extended

Financial services company Merchant Securities Group PLC (MERC.LN) Monday said the Panel has agreed to extend the deadline for Sanlam U.K. Limited to make a firm acquisition offer for the company to Oct. 31.

MAIN FACTS:

-Board of Merchant Securities requested the Panel to extend the current deadline of Oct. 17.

-Although discussions in relation to a possible offer for the Company by Sanlam are at an advanced stage, certain aspects of the possible transaction need to be concluded before Sanlam can announce a firm intention to make an offer.

-In light of the progress that has been made in relation to the possible offer, the Panel has agreed that Sanlam must by no later than 1600 GMT on Oct. 31, either announce a firm intention to make an offer for the company, or announce that it does not intend to make an offer.

-On Aug. 31, Merchant Securities received a preliminary approach in relation to a possible offer for the company from Sanlam U.K. Limited, a unit of Sanlam Limited (SLM.JO).

-On Sept. 19, company announced that Sanlam must, by no later than 1600 on Oct. 17, either announce a firm intention to make an offer for the company, or announce that it does not intend to make an offer.

-Shares of Merchant Securities on Friday closed at 17 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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