A third party that was interested in a deal for conveyancing and financial intermediary markets online services provider Smoove has withdrawn following the disclosure of early-stage discussions with PEXA.
Yesterday Sky News reported that a number of suitors were interested in making a deal for Smoove which led the firm to confirm the interest from Australian firm PEXA and the unnamed other entity.
However, in a statement released today, Smoove said that entity had now stepped back from discussions.
It reads: “The Company has now been notified by the third party that following disclosure of the possible offer it is discontinuing discussions in relation to this alternative potential transaction.”
Under takeover rules PEXA now has until May 22nd to announce a firm intention to make an offer or that it does not intend to make an offer.
