The original $1.5 billion offer for Pushpay fell through when it failed to meet a necessary level of support from smaller shareholders. File photo Photo: 123RF
The unsuccessful bidders for mobile donations company Pushpay have got a second extension to try to make a better offer.
The first extension ran out on Monday but Pushpay's board and its two biggest shareholders, BGH Capital and Sixth Street, who made the original joint bid have agreed a new deadline of early evening on 15 March.
"The Bidder has requested this extension to allow the Bidder further time to progress the terms of a potential alternative proposal," the company said in a statement.
"There is no certainty that the Bidder's engagement with select shareholders and the company will result in an alternative proposal or transaction."
The original $1.5 billion offer fell through when it failed to meet a necessary level of support from smaller shareholders, who rejected it as opportunistic and too low.
The company said if no new deal was put together to be put forward at a meeting, the proposed takeover could be ended by either party.
Pushpay's current share price is 10 cents below the original offer price of $1.34.