Cross-border financial services provider STM Group has reached agreement in principle on “revised key terms of a possible cash offer” for the entire issued and to be issued share capital of the company from Pension SuperFund (PSF) Capital.
The revised offer follows two extensions to negotiations following the initial proposed offer in July.
Pension SuperFund Capital has lowered its offer for STM Group from £0.70 per share to £0.67 per share.
The deal has yet to be concluded and negotiations have been extended for a third time to 8 September. The revised offer is also conditional on the sale of “parts of the group that are non-core to the strategy of Pension SuperFund”.
As part of the revised terms, STM Group chief executive Alan Kentish has agreed to acquire certain parts of the group, comprising the UK self-invested personal pension (Sipp) businesses and the businesses connected with and including the master trust.
Pension SuperFund Capital will need to make a firm offer or leave the table before 8 September unless the deadline is extended by STM.
An independent committee of the board of STM Group, comprising Nigel Birrell, Peter Smith and Therese Neish, has been formed to consider the revised possible offer and the proposed disposal.