Descendants of the founder Cedric Pochin, fronted by the company’s property development director Jim Nicholson, grandson of Cedric, made an initial approach to the board in December last year with a proposal to buy out the publicly listed company.
Under stock exchange rules, these approaches have to be made public and the potential bidder has a month to make a firm offer or walk away.
With discussions still continuing, the Takeover Panel has approved a further month’s extension.
The new deadline either to announce a firm intention to make an offer for the company or announce that it does not intend to make an offer is 5pm on 23rd June 2014.
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