Network International suitor Brookfield given until June to make firm offer

Brookfield Asset Management has been given until next month to make an offer for Network International, it was confirmed on Friday, as talks about a potential £2.1bn deal continue.

London-listed Network International, which provides technology-enabled payment services in the Middle East and Africa, said in April that the Canadian private equity firm had made an approach, which topped an earlier joint proposal from CVC Capital and Francisco Partners.

Brookfield has offered 400p per share, while CVC and Francisco have offered 387p per share.

Under City rules, Brookfield had until 1700 BST on 19 May to either make an offer or walk away - known as a put up or shut up.

However, on Friday, Network International confirmed that as the talks were ongoing, it had sought and been granted a deadline extension by the Takeover Panel. Brookfield now has until 1 June to make an offer or walk away.

Shares in Network International were trading nearly 1% higher at 367p as at 1145 BST.