LONDON - The ongoing discussions for a potential takeover of Ora Technology plc by Kondor AI plc have been granted an extension, as announced today. The two companies, both listed on the Aquis Stock Exchange Growth Market (AQSE: KNDR / AQSE: ORA), are considering a transaction where Kondor would acquire all issued and to be issued share capital of Ora.
The Panel on Takeovers and Mergers has consented to extend the deadline for Kondor to either announce a firm intention to make an offer for Ora or to declare it does not intend to make an offer. The new deadline is now set for 5.00 p.m. (London time) on January 10, 2025. The extension follows previous postponements announced on September 20, October 18, and November 15, 2024.
Originally, the terms stated that Ora shareholders would receive 0.9988 new shares in Kondor for each Ora share. However, following Ora's issuance of 3,192,500 new ordinary shares on December 9, 2024, the terms have been adjusted to a ratio of 0.9848 Kondor shares for each Ora share.
While talks are said to be at an advanced stage, there is no guarantee that a firm offer will be made. Both Kondor and Ora have cautioned that this announcement should not be construed as a definitive intention to make an offer under the City Code on Takeovers and Mergers. The companies will make further announcements when necessary.
The process is being overseen by Jonathan Bixby of Kondor and Michael Edwards of Ora. This extension allows further time for negotiations, which could potentially lead to a significant consolidation within the industry. Investors and market observers are advised to await further updates, as the situation remains fluid.
The information provided is based on a press release statement from the involved parties.
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