Ontario Teachersa[euro](tm) Pension Plan gets more time to decide on bid for Goals Soccer.
11 June 2012 - British outdoor soccer centres operator Goals Soccer Centres plc (LON:GOAL) on Monday said that the deadline for Canadian investor Ontario Teachersa[euro](tm) Pension Plan Board to submit a firm takeover offer for the company had been extended to 9 July.
The previous deadline for Ontario Teachersa[euro](tm) Pension Plan to decide whether to place a firm bid was set for 11 June and extended with the approval of the countrya[euro](tm)s takeover panel, the target company said.
Goals Soccer first announced on 2 April a preliminary approach from Ontario Teachersa[euro](tm) Pension Plan, saying the Canadian company had, under the UK takeover rules, until 30 April to come up with an offer or walk away.
The new deadline could be further extended with the consent of the panel, the British company said, adding that talks with Ontario Teachersa[euro](tm) Pension Plan are ongoing, with the potential buyer currently reviewing confidential information made available to it.
Goals Soccer did not give a precise timetable for the conclusion of the negotiations, but said it was consistent with the new deadline for an offer.
The company warned, however, that the ongoing discussions are not certain to result in an offer being made.
The target firm, offering football experience, facilities and 5-a-side arenas, operated 42 centres in the US and one in Los Angeles as of 31 December 2011. It opened the Sunderland, Liverpool South, Norwich and Hull centres last year.Country: UKSector: Leisure/ArtsTarget: Goals Soccer Centres plc Buyer: Ontario Teachers' Pension Plan BoardType: Corporate acquisitionStatus: Talks