Shareholders in Pushpay rejected the proposed $1.5 billion take-over offer by its two largest shareholders on Friday. Photo: Jae Park/ Unsplash
The unsuccessful bidders for mobile donations company Pushpay have asked for more time to see whether they can agree on an alternative proposal.
Shareholders in Pushpay rejected the proposed $1.5 billion take-over offer by its two largest shareholders, BGH Capital and Sixth Street on Friday.
Pushpay and the bidding consortium, known as Pegasus Bidco, originally had until 5pm on Wednesday to agree to hold another shareholder meeting.
But the company told the sharemarket on Tuesday morning that it had agreed with the bidder to extend the deadline by which either party could terminate the scheme implementation agreement (SIA), should they fail to agree to hold another scheme meeting.
"The bidder requested an extension to explore whether it may be possible to agree an alternative proposal," Pushpay said in the statement.
The termination time has been extended until 5pm 13 March.
"If the parties have not reached agreement on holding another scheme meeting by that time, then either party can terminate the SIA," Pushpay said.
It said there was no guarantee that "bidder's engagement with select shareholders and the company will result in an alternative proposal or transaction".