Business
Possible offer update - extension to PUSU deadline
Possible offer update - extension to PUSU deadline.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6640I\n Audioboom Group PLC\n 16 August 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS RETAINED IN UK LAW (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n \n \n \n \n THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE\n \n \n .\n \n \n \n \n \n \n \n \n \n 16 August 2021\n \n \n \n \n \n \n \n \n Audioboom Group plc\n \n \n (\"Audioboom\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Possible offer update - extension to PUSU deadline \n \n \n \n \n \n On 19 July 2021, All Active Asset Capital Limited (\"AAA\") announced a possible offer for the entire issued and to be issued share capital of Audioboom (the \"Possible Offer\"). This announcement stated that, in accordance with Rule 2.6(a) of the Code, AAA was required, by not later than 5.00 p.m. (London time) on 16 August 2021 to do one of the following: (i) announce a firm intention to make an offer for Audioboom in accordance with Rule 2.7 of the Code; or (ii) announce that it does not intend to make an offer for Audioboom, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.\n \n \n On 22 July 2021, Audioboom published an initial response rejecting the Possible Offer as a result of the concerns of the Independent Directors of Audioboom* in relation to the valuation of Audioboom implied by the Possible Offer, its structure, including the majority of consideration being in the form of unlisted ordinary shares of AAA, and the limited information on which to assess the strategic rationale for such a combination.\n \n \n On 12 August 2021, a meeting was held between Audioboom, AAA and their respective advisers during which Audioboom was informed that a ...