Daisy bidders secure another two-week extension

TELECOMS business Daisy Group has extended the deadline for an expected bid for the company by founder Matthew Riley and other investors.

Mr Riley, the firm’s chief executive, has teamed up with Toscafund Asset Management and Penta Capital to make a cash offer of 190p per share.

The deadline for a formal offer was today but this has now been extended to October 20 to enable the buyout team to “finalise certain aspects” of their proposal, according to a market statement.

Shares in Daisy Group, which has its HQ in Nelson, closed at 186.7p on Friday giving the company a market value of nearly £500m.

Entities advised by Toscafund hold shares representing approximately 28.5% of Daisy, while Mr Riley holds 23% of the company’s shares.