Kondor AI PLC on Friday reported that extension of the offer deadline for its proposed takeover of Ora Technology PLC.
The London-based software developer first made an offer to buy Ora back in August. Ora is a London-based consumer technology firm which provides tools for retail investors transacting in carbon credits.
Kondor must announce its firm intention to buy Ora before a ‘put-up-or-shut-up’ deadline. Previous extensions to the deadline were announced on September 20, October 18, November 15 and December 13.
As of Friday, Kondor has until February 7 to make a firm offer, though this can be extended at Ora’s request. Kondor said discussions had reached ‘an advanced stage’, but stopped short of implying a firm offer would be made.
The two firms have agreed to a revised ratio of 0.9848 Kondor shares for each share in Ora, after Ora issued around 3.2 million new shares on December 9.
Both companies’ shares were suspended in August to facilitate the offer process.
Kondor shares were last quoted at 10.00 pence each in London.
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