Hunters and The Property Franchise Group (TPFG) have confirmed that talks about a takeover deal have been extended until 5pm on Friday 22nd January.
TPFG initially approached Hunters about a possible takeover on 4 December, and was given until 1 January to confirm its offer formally.
TPFG is hoping to add Hunters, chaired by Conservative MP Kevin Hollinrake, to its portfolio of high-profile chains, which includes Ellis & Co, EweMove, Martin & Co and Parkers.
Hunters, founded in 1992 by Hollinrake, has more than 200 branches across the country.
A statement from Hunters says: “Discussions with TPFG regarding a possible offer for the Company remain ongoing and, to allow further time for these discussions, the Board of Hunters has requested, and the Panel on Takeovers and Mergers (the “Takeover Panel”) has granted, an extension to the deadline for TPFG referred to above.
“Accordingly, TPFG must, by no later than 5.00 p.m. on 22 January 2021, either announce a firm intention to make an offer for Hunters in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended further with the consent of the Takeover Panel, at the Company’s request, in accordance with Rule 2.6(c ) of the Code.
“There can be no certainty that a formal offer will be made, nor as to the terms on which any such offer might be made. Further announcements will be made as appropriate.”
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