Online agent Strike has been granted an exclusivity period to negotiate a possible takeover of its rival Purplebricks.
A late stock market update from Purplebricks this afternoon confirmed that a “short period of exclusivity” has been granted to negotiate a possible sale of its business and assets.
The update said: “The exclusivity arrangement entered into does not include provision for a break fee or inducement fee and does not restrict Purplebricks from pursuing an offer for the company.
“The formal sale process announced on 1 March 2023 remains ongoing.”
The business and assets sale, if it is concluded, would be subject to approval by Purplebricks shareholders at a general meeting.
Should it be concluded, Purplebricks said its intention would be to return the net cash proceeds to shareholders, with such return likely to be at a level below the current share price.
There can be no certainty that the sale will be concluded, nor as to the terms of such a transaction, the update said.
It comes after Purplebricks warned earlier this week that its cash reserves were under threat if the future of the business doesn't get resolved soon.
Strike had a deadline of 5pm today to say if it wanted to make an offer for the brand.
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