US-based Circle8 gets second deadline extension for SThree takeover bid

Circle8

Yesterday 16:40

Oct 21 (Reuters) - British recruiter SThree STEMS.L said on Wednesday that the UK takeover panel has granted US-based staffing firm Circle8 CIRC.O an extra 28 days, until November 18, to decide whether to make an offer for the company.

Here are more details: 
SThree's London-listed shares were up 4.36% at 311 pence in afternoon trade
The British recruiter, which has a market value of £358 million ($479.22 million) confirmed that discussions between the company and Circle8 are ongoing
The takeover panel had first extended the deadline for Circle8 to make an offer for SThree to October 21
In September, SThree rejected an unsolicited approach from Circle8, saying the proposal significantly undervalued the recruiter and its long-term prospects
In October, Circle8 had made a revised proposal featuring an improved cash offer and asked for more time to announce a firm intention to bid
Circle8 had not disclosed the financial terms for the possible cash offer for SThree
($1 = 0.7470 pounds)

 (Reporting by Anushka Chourasia and Rishab Shaju in Bengaluru; Editing by Rashmi Aich and Aseem Gujar)
 ((Anushka.Chourasia@thomsonreuters.com))