Business
Update Regarding Regulatory Conditions
Frankel UK Bidco Limited has announced an update regarding the regulatory conditions for its recommended cash acquisition of Idox plc. The UK National Security and Investment Act 2021 condition has been satisfied as the Secretary of State has confirmed no further action will be taken. However, the French Regulatory Condition remains outstanding as the competent authority continues its assessment. The offer is expected to become unconditional in the second quarter of 2026, subject to the satisfaction of the French Regulatory Condition and the Acceptance Condition. Disclaimer*
About this update from Idox Plc
[{"type":"text","content":"\n\nNOT 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 THAT JURISDICTION\nFOR IMMEDIATE RELEASE\n25 March 2026\nRECOMMENDED CASH ACQUISITION\nof\nIdox plc\nby\nFrankel UK Bidco Limited\n(a newly-formed company indirectly owned by Long Path Co-Investment Fund #6, LP (acting by its general partner, Long Path Co-Investment Fund #6 GP, LLC), Long Path Smaller Companies Fund, LP (acting by its general partner Long Path Fund GP, LLC), Long Path Smaller Companies Master Fund, Ltd. and Long Path Opportunities Fund II, LP (acting by its general partner, Long Path Opportunities Fund GP, LLC))\nUPDATE REGARDING REGULATORY CONDITIONS\nOn 5 January 2026 the boards of directors of Frankel UK Bidco Limited (\"Frankel\") and Idox plc (\"Idox\") announced a switch of offer structure from a Scheme of Arrangement to a recommended takeover offer as defined in Chapter 3 of Part 28 of the Companies Act, (the \"Offer\") pursuant to which Frankel would offer to acquire the entire issued and to be issued share capital of Idox (the \"Acquisition\"). The offer document in respect of the Offer (the \"Offer Document\") was published and posted to Idox Shareholders on 15 January 2026. \nThis announcement should be read in conjunction with the full text of the Offer Document. Capitalised terms used but not defined in this announcement have the meanings given to them in the Offer Document.\nUpdate on Regulatory Conditions\nAs described in greater detail in the Offer Document, the Offer is subject to the satisfaction or (if permitted) waiver of certain Conditions, including the following regulatory conditions relating to foreign direct investment clearances (the \"Regulatory Conditions\"):\n· the French Ministry of Economy, Finance and Recovery having issued a decision authorising the completion of the Acquisition, or having confirmed in writing that those transactions relating to the Acquisition fall outside the scope of the relevant regulatory provisions (the \"French Regulatory Condition\"); and\n· a notification regarding the Acquisition having been submitted and accepted under the UK National Security and Investment Act 2021 (the \"UK NS...