By Michael Susin
STM Group said that Pension SuperFund Capital has secured funding to make a firm takeover offer for the company, and that the deadline to launch the offer has been extended.
The financial-services provider on Friday said that Pension SuperFund Capital's lending bank confirmed that it could provide the level of senior debt required to implement a possible offer, enabling the group to complete further work required to announce a firm intention.
STM added that it has received irrevocable undertakings from around 32.7% of its shareholders to vote in favour of the revised possible offer for its entire share capital of 67 pence a share, down from 70 pence originally.
This still represents a significant premium to the closing price of 27.5 pence on July 10, the day before the possible offer was first outlined. Shares were worth 60 pence each at market close on Thursday.
The new deadline for making an offer or stepping away is Sept. 27.
Write to Michael Susin at michael.susin@wsj.com
