Homemoving hub Smoove says discussions about a potential deal with an unnamed third party have ended after it yesterday confirmed it is in “early” takeover talks with Australian rival Pexa Group.
The firm says “it was considering an alternative potential transaction proposed to it by a separate third party” that would not amount to a takeover, in a stockmarket statement this morning (25 April).
But adds: “The company has now been notified by the third party that following disclosure of the possible offer it is discontinuing discussions in relation to this alternative potential transaction.”
The Aim-listed firm connects homebuyers, brokers, conveyancers and estate agents on its platform.
Its stock fell 8.4% to 40.3p in early trading valuing the firm at £22.3m, after closing 38% up yesterday following an announcement that it was in talks about a takeover.
Pexa Group has 28 days to make a formal offer for Smoove, or must walk away for 12 months.
Smoove, founded in 2003 and led by chief executive Jesper With-Fogstrup, posted sales of £19.2m last year, turning in a loss of £5.1m.
Pexa Group, established in 2018 and run by chief executive Glenn King, runs a similar homemoving platform in the Australian market. It posted sales of A$279.8m (£150.4m) last year and moved from a loss of A$11.79m to net income of A$21.85m.
