- Discussions between TalkTalk Telecom Group and Toscafund Asset Management (TAM) regarding a takeover have been granted an extension by the Panel on Takeovers and Mergers.

TAM's preliminary proposal to acquire TalkTalk in full was confirmed by the company on 8 October, and the asset manager had been given until 5pm on 3 December 2020 to make a firm bid or publicly withdraw its interest.

In a statement today, TalkTalk said commercial discussions and due diligence processes were progressing. The Takeover Panel subsequently approved an extension to the deadline to 5pm on 17 December 2020.

TalkTalk said there could be no certainty at this stage that a firm offer would be made for the company by TAM.

At 8:50am: [LON:TALK] Talktalk Telecom Group PLC share price was 0p at 96p

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