Takeover Panel gives The Ontario Teachers' Pension Plan until July 9 to table a bid
The Canadian pension fund lining up a takeover bid for Goals Soccer Centres has been granted a third extension by regulators to table a bid for the company.
Financial regulator the Takeover Panel has agreed to extend the deadline for a bid from the The Ontario Teachers' Pension Plan until July 9.
Under bid rules, The Ontario Teachers' Pension Plan should have tabled a bid for the East Kilbride-based company today, or withdrawn from the negotiations.
The pension fund, which first expressed its interest in acquiring Goals in April, had been given until today to review confidential information provided by Goals.
The Canadian pension fund owns Maple Leaf Sports & Entertainment, which has a number of Canadian sports assets in its portfolio.
Earlier reports on the proposed takeover suggested the pension fund would provide Goals with funding to expand internationally.
Goals currently operates 42 centres across the UK and one other in Los Angeles, California.
East Kilbride-based Goals reported a 21 per cent rise in pre-tax profits last year to £9.2 million, despite losing a VAT ruling which cost the company £800,000.
Goals said at the year-end it had identified around 40 potential new sites, though no further details were given.