North East offshore specialist Tekmar Group has extended its period of exclusivity with a firm being lined up as a potential business partner.
The Darlington subsea cabling company announced in November that it was mulling a possible takeover deal, having launched a search for an investor to help it return to profit and push forward ambitious growth ambitions and opportunities. Tekmar – which has five operating companies Tekmar Energy, Subsea Innovation, AgileTek Engineering, Ryder Geotechnical and Pipeshield International – gave the unidentified “global strategic investor” a 60-day exclusivity period, to allow it to carry out due diligence, while stressing the move did not close the door on other offers.
Now the firm has extended the exclusivity period or a further 14 day period, with the mutual option to extend for an additional 14 day period if required, to allow the preferred partner to complete its due diligence and finalise its proposal.
