Smoove has confirmed that it has extended the deadline for merger talks with Pexa to 8 September, with latitude to extend it further if needed.
The conveyancing software firm confirmed in April that it was in “early discussions” with Pexa about a possible cash offer to buy the firm.
The company added that a third-party alternative potential transaction had fallen through around the same time.
In an update, the firm said that “constructive discussions have continued” and a formal due diligence process was “well advanced”.
Smoove said that in order to allow due diligence to continue an extension of the deadline by which Pexa has to announce a “firm intention” to make an offer has been allowed.
The company said that an announcement of Pexa’s intentions must be made by 5pm on 8 September and this deadline could be further extended with the consent of the takeover panel.
“There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made as and when appropriate,” it added.
Smoove said that it remained in an offer period.
The company’s latest results showed that its conveyancing completions increased by more than half year-on-year to 53,224, with most transactions coming from remortgages. Instructions have also grown.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
