Keywords Studios gets sweetened takeover proposal from EQT

(Sharecast News) - Keywords Studios said on Friday that it had received a sweetened £1.96bn takeover proposal from private equity firm EQT Group that it would be minded to recommend if a firm offer was made. The revised offer of 2,450p per share in cash was up from a previous 2,430p.

"The board has carefully evaluated the updated possible offer with its financial advisers and concluded that the updated possible offer is at a value that the board would be minded to recommend to Keywords Studios shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer," it said.

Keywords has requested an extension to the 'put up or shut up' deadline, meaning that EQT now has until 1700 BST on 3 July to either announce a firm intention to make an offer or walk away. The deadline was originally set for 1700 BST on 28 June, but has been pushed back in order to "finalise transaction documentation", Keywords said.

At 0825 BST, the shares were up 5.5% at 2,298p.