STM Group has announced that Pension SuperFund Capital has secured the necessary funding to make a firm takeover offer for the company. The financial-services provider revealed on Friday that the lending bank of Pension SuperFund Capital has confirmed its ability to provide the required level of senior debt to proceed with the offer. This development allows the group to move forward with the necessary preparations to announce a firm intention.
Additionally, STM Group has obtained irrevocable undertakings from approximately 32.7% of its shareholders who have pledged to vote in favor of the revised offer. The revised offer sets the share price at 67 pence, a decrease from the initial 70 pence. Despite the reduction, this price still offers a substantial premium compared to the closing price of 27.5 pence on July 10, which was the day before the possible offer was initially revealed. As of Thursday's market close, shares were valued at 60 pence each.
The new deadline for the takeover offer or withdrawal is set for September 27.
For more information, contact Michael Susin.
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