- Organic fast-food company Oliver’s Real Food (OLI) has extended the decision of the EG takeover deal once again
- In early March, EG was supposed to purchase Oliver’s
- However, Oliver’s exceeded its debt limit by $110,000 – causing a dent in the agreement
- The companies were supposed to announce the fate of the deal last Friday, however, it has been pushed back to May 15
- Oliver’s closed the day 5.45 per cent in the red and trading for 5.2 cents each
Organic fast-food company Oliver’s Real Food (OLI) has extended the decision of the EG takeover deal once again.
In early March, the EG Group was set to purchase Oliver’s. However, when Oliver’s exceeded its net debt by $110,000, the debt breached the terms under the initial negotiations.
Oliver’s then asked EG for a waiver, but the group bluntly declined the waiver.
EG now has given Oliver’s a chance to save the purchase – if it manages to come up with another agreement.
Since then, the companies have been in negotiation. The decision on the agreement’s fate has been subject to a number of extensions and was made to be on May 8. It has now been extended again to Friday, May 15.
So, the question on everyone’s mind is when will the companies announce what is happening with the takeover?
Oliver’s closed the day 5.45 per cent in the red and trading for 5.2 cents each.