Source: Sharecast
In mid-November, BasePoint revised its bid for the London-listed financial services company, with the PUSU deadline being extended to 1700 GMT this Wednesday.
The original proposal in September offered 235p per share in cash along with the right to retain an interim dividend of 3.8p per share. The revision, which now includes the final IPF dividend up to a maximum of 9p per share – expected to be confirmed at the company's full-year results in February 2026 – has received the backing from IPF's board.
However, IPF announced on Wednesday that, while BasePoint has made progress on raising finance for the deal, it has "asked the board for a short extension to bring its financing arrangements to a conclusion".
BasePoint must now either make a firm intention to make an offer or walk away no later than 1330 GMT on 31 December, being the close of business on a shortened trading day for New Year's Eve.
"There can be no certainty that any firm offer for IPF will be made. A further announcement(s) will be made in due course as and when appropriate," IPF said in a statement.
Shares rose strongly on the announcement, up 4.8% at 217p by 0835 GMT.