Pioneer Credit (ASX: PNC) has given the ASX about its market suspension and takeover talks.
Pioneer Credit is a debt collecting business that also provides other financial services with over 160,000 customers across Australia and New Zealand. Pioneer Credit acquires and manages retail debt portfolios. With headquarters in Perth, the company also has offices in Sydney, Melbourne, Brisbane and Manila.
Will Pioneer Credit Be Taken Over?
Yesterday Pioneer Credit announced it had extended its ‘Standstill Agreement’ with its senior financiers to 2 December 2019.
Management said that takeover talks and provision of funding discussions are progressing well. The company has received several non-binding indicative proposals with four interested parties now being shortlisted for the final stage. Those four are doing due diligence and will soon submit final binding offers.
The company expects that by the end of November 2019 it will have selected a preferred bidder, which is why it has requested the voluntary suspension continue until 2 December 2019 or until the discussions are finalised.
It will be interesting to see the price that Pioneer Credit ends up accepting, if it is indeed taken over.
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