US-based Circle8 gets deadline extension to bid for British recruiter SThree
CIRC•The UK's takeover panel extended Circle8's deadline to make an offer for SThree to October 21. SThree said Circle8 had made a revised proposal regarding an improved cash offer.
1. Deadline extended
SThree said the UK's takeover panel extended Circle8's deadline to announce a firm intention to make a bid to October 21. SThree shares rose as much as 6.1% after the news and closed up 2.2%.
2. Revised proposal
SThree rejected an unsolicited approach from Circle8 last month, saying it significantly undervalued the company and its long-term prospects. Circle8 later made a revised proposal regarding an improved cash offer and requested the deadline extension.
3. Company outlook
SThree raised its annual pretax profit forecast last month after cost cuts and continued growth in its US business. It said clients and candidates remained cautious amid AI-related disruption, higher costs and uncertainty stemming from the Middle East conflict.
