Iress/EQT deal given 10-day extension

Iress has agreed to a 10-day extension of the exclusivity period with EQT Fund Management to acquire all of Iress’ shares via a scheme of arrangement.

The 30-day exclusionary period was announced after Iress had received what it considered to be an appropriate takeover for the acquisition, after rebuffing previous attempts.

“Discussion with EQT are progressing and Iress has agreed to grant an additional 10 days of exclusivity to EQT on the same terms as previously announced to provide further time for EQT to complete its diligence for an agreement to be finalised,” Iress said.

“The board will update shareholders and the market in due course. The board recommends that Iress shareholders take no action in relation to the proposal by EQT. There is no certainty that the proposal will result in a transaction.”

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