US regulator, FINRA, has approved Newbridge’s request for a change of ownership and EWG will now move to the final stages of due diligence on Newbridge.
But as part of the next steps, auditors have been tasked with exploring the extent of debts unearthed since the acquisition was announced.
A spokesman for EWG was unable to say what the size of the liabilities are, or if the liabilities would delay or jeopardise the acquisition.
A statement to the London stock exchange said the due diligence would: “…assess whether the remaining (non-regulatory) closing conditions can be fulfilled to the Board’s satisfaction, including a satisfactory final closing balance sheet and confirmation that there are sufficient provisions for all current and future liabilities identified since announcement of the proposed acquisition.”
If the deal goes ahead the complex acquisition will see serial acquirer EWG add $1.7bn (£1.2bn €1.4bn) in US based assets.