TalkTalk extends deadline for Toscafund to make an offer

5th Nov 2020 09:33

(Sharecast News) - TalkTalk said on Thursday that it has extended the deadline for shareholder Toscafund Asset Management to make a firm offer, to allow for commercial discussions and due diligence to take place.
The deadline has been extended until 5 December and the company said there can be no certainty that a firm offer will be made.

TalkTalk announced in early October that it was in discussions with Toscafund about being taken private, after the investment firm approached it about a cash offer valuing the company at £1.12bn.

Toscafund's 97p a share offer contains a number of conditions including that Charles Dunstone, TalkTalk's founder and executive chairman, supports the deal and agrees to "an election for any unlisted share alternative" for his shares in the company.

Toscafund is reported to have proposed buying TalkTalk in 2019 for 135p a share but the board rejected the approach. The investment company, headed by Martin Hughes, increased its stake in TalkTalk to 29.1% from 28% in June. Dunstone bought 1m shares soon after and owns 20.86% of the company.