Business
Discussions with Potential Offerors;Buyback update
Senior plc announced that it has received two superior all-cash proposals from potential offerors, following earlier rejected proposals. The company has appointed advisors to conduct discussions with third parties regarding a possible offer for its entire issued and to be issued share capital. In light of these ongoing discussions, Senior has postponed its £40 million share buyback programme, which was scheduled to commence after the full-year results. The company is now in an "offer period" as defined by the City Code on Takeovers and Mergers, and as of 26 February 2026, it had 419,418,082 ordinary shares in issue. Disclaimer*
About this update from Senior 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 SUCH JURISDICTION.\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n27 February 2026\nDiscussions with Potential Offerors and Update Regarding Buyback Programme\nOn 14 January 2026, Senior plc (the \"Company\" or \"Senior\") received a preliminary, non-binding all-cash proposal from a potential offeror, which was unanimously rejected by the Board on the basis that it fundamentally undervalued Senior and its future prospects. Two subsequent, higher proposals were received from the same party in February 2026, the second of which was unequivocally rejected by the Board.\nFollowing the approaches described above, the Board appointed Lazard and Jefferies to initiate discussions with a limited number of third parties regarding a possible offer for the entire issued and to be issued share capital of Senior, to determine the value that could potentially be achieved. Following a period of discussions with these other parties, the Company confirms it has received two further, superior all-cash proposals from other potential offerors. Discussions with potential offerors remain ongoing.\nIn view of the Company's ongoing discussions with the potential offerors, and mindful of the Company's regulatory obligations, the Board has postponed the start of the £40m buyback programme which had been due to commence following publication of the full year results. The Board will keep this under review and make a further announcement as necessary.\nThe Panel Executive has granted a dispensation from the requirements of Rules 2.4(a) and 2.4(b) of the Code such that the Company is not required to identify in any announcement any potential offeror with which the Company is in talks, or from which an approach has been received, unless that potential offeror has been specifically identified in any rumour or speculation.\nSenior is now in an \"offer period\" as defined in the Code and...