UK takeover panel extends deadline for Epiris takeover of Gamma Communications
UK takeover panel extends deadline for Epiris takeover of Gamma Communications July 8 (Reuters) - Britain's Gamma Communications GAMA.L said on Wednesday the UK takeover panel has once again extended the deadline for Epiris to make a firm offer for the telecom company to August 5.
Discussions between Gamma and private-equity firm Epiris, as well as other potential bidders are ongoing, the British company said in a statement.
Gamma shares were up 7.5% at 891.5 pence on the news.
Here are some more details:
Epiris was initially due to make a firm offer or walk away by June 12, but the deadline was extended to July 8.
Epiris had said in June it would continue to explore a possible offer for Gamma on its own after consortium partner Providence Equity Partners exited the takeover process.
Gamma in 2025 completed its restructuring programme, which expects to cut annual operating expenses by 7 million pounds from 2026. The company has seen its shares fall nearly 26% over the past year, as of the last close.
Gamma is among a growing number of British companies drawing interest from private-equity firms as depressed stock valuations make them attractive takeover targets.
Another potential suitor, private-equity firm Oakley Capital, withdrew from the pursuit of Gamma in June.
Gamma's core markets are the UK and Germany, with additional presence in Spain and the Benelux region.
(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich and Shilpi Majumdar)