By Joe Hoppe
Smoove shares rose Friday after it said the deadline regarding a possible takeover bid from Australian-listed property settlement platform PEXA Group has been extended to Aug. 11, to allow due diligence to take place.
Shares in the real-estate platform provider at 0707 GMT were up 3.4 pence, or 9% at 41.0 pence.
The London-listed company said it continues to engage in discussions that have advanced constructively with PEXA, regarding a possible cash offer for its entire share capital, and a formal due diligence process has begun.
PEXA now has until Aug. 11 to make an offer or walk away under U.K. takeover rules, Smoove said.
The group didn’t disclose any financial details.
Smoove first disclosed on April 24 that it was in talks with PEXA regarding a possible offer, but added then that it is considering other potential deals. There can be no guarantee a deal will be made, the company added.
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