The Board of Smoove has acknowledged recent press speculation and confirmed that it is in early discussions with PEXA Group Limited (PEXA) about a possible cash offer for its entire issued and to-be-issued ordinary share capital.
Earlier today Sky News reported that AIM-listed Smoove had received several takeover approaches from unnamed suitors.
But Smoove said that as these discussions are still in the early stages, there is no certainty that an offer will be made or any indication of the terms on which an offer may be made.
Additionally, the Company’s Board has confirmed that it is considering an alternative potential transaction proposed by a separate third party.
This transaction, if pursued, would not result in an offer for the Company under the rules of the City Code on Takeovers and Mergers (the “Code”).
A statement from Smoove said: “As a consequence of this announcement, an ‘offer period’ has now commenced in respect of the Company in accordance with the rules of the Code and the attention of shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.
“In accordance with Rule 2.6(a) of the Code, PEXA must, by not later than 5.00 p.m. on 22 May 2023, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
“A further announcement will be made as and when appropriate.”
