Purplebricks and Strike given more time to complete sale talks
Strike now has until 10th May to decide whether to make a formal offer for Purplebricks after more 'detailed' negotiations in recent weeks.
Purplebricks has revealed its progress so far towards finding a buyer for the business including how talks with competitor Strike are continueing.
In an announcement to investors, the ailing agency says it has moved into a more targeted phase of detailed diligence and discussions with credible bidders, which are ongoing.
Also, although the company and Strike are not involved in formal negotiations, the announcement says: “Discussions between Purplebricks and Strike have been and remain ongoing and, to allow further time for these discussions to continue, in accordance with Rule 2.6(c) of the Code, Purplebricks’ Board has requested, and the Takeover Panel has consented to, an extension to the deadline by which
Strike is required either to announce a firm intention to make an offer for Purplebricks in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer”.
This would indicate that the talks between the hybrid/online estate agency and Strike are, at the very least, moving forward.
Strike has been given until 10th May no later than 5pm to confirm whether it intends to make a formal offer.
“There can be no certainty as to whether Strike will make an offer for Purplebricks, nor the terms of any such offer, if made,” says Purplebricks, which remains in an official “offer period” in accordance with the rules.
“Matters relating to Strike contained in this announcement have been made with the consent of Strike,” it adds.
As the previous statement, when was PB ever a Hybrid?!! Please get your facts correct, they have been around long enough for people to know the difference.
So a non-story then. No further with an offer than several weeks ago.
Hi Colin thanks for the comment. We call PB and other agencies which have copied its model ‘hybrids’ – it’s not entirely accurate I agree but it’s one way to separate them out from traditional high street agencies. What would you call them? Off the high street? Fee not commission-based? The announcement is indeed one of several PB has put out recently about its negotiations but nevertheless is new.
Internet only
🙂
Who?
PB can be called are a lot of things, but not a hybrid estate agent