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Chemring, Carlyle Group Given More Time on Possible Takeover

Oct. 12, 2012 - 07:29AM   |  
By ANDREW CHUTER   |   Comments
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Chemring and the Carlyle Group have been granted another month to discuss a possible take-over bid for the British-based countermeasures and munitions maker.

The companies faced an Oct 12 “put up or shut up” deadline imposed by Britain’s takeover panel but have been given until Nov 9 to continue talks.

It’s the second extension since Chemring reported Aug 17 that it had received a preliminary takeover approach from the U.S. private equity group.

The company last year had revenues of 754 million pounds but issued a profits warning shortly after the approach from the private equity group.

In a statement, Chemring said there was no certainty an offer for the company would be made and cautioned that the deadline could be extended further under takeover rules.

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