Made.com seeks firm takeover offers by end of the month
It comes as the group received a ‘number’ of proposals as it looks to secure a rescue deal
Made.com has confirmed it has received a “number” of takeover proposals as it looks to secure a rescue deal by the end of the month.
Following a number of non-binding indicative proposals, the group has now invited a “select” number of parties to “progress towards firm offers” by 31 October.
It added that the proposals received so far “provide a range of different transaction structures, including possible offers for the issued and to be issued share capital of the company”.
In addition, it noted that any firm offer would require interim financing to be put in place at the time that firm offers are expected, which the parties involved were said to be aware of.
It added that current discussions “may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made, nor as to what the terms of any offer may be”.
Earlier this month, the group announced it had entered into non-disclosure agreements and kicked off discussions with a number of interested parties for the sale of the group.
In its trading update for the six months ended 30 June 2022, Made.com announced it had initiated a formal sales process for the company and would consider possible job cuts to save costs.
At the time, it posted a loss before tax of £35.3m, down from a loss of £10.1m in the same period last year. Adjusted EBITDA also declined by 32.6% year-on-year from £1.1m to a loss of £31.5m amid lower consumer demand.
