80 Mile PLC (80M) announced on 10 November 2026 that the Takeover Panel has consented to extend the Put Up or Shut Up (PUSU) deadline for Greenland Energy Company by seven days, moving the cut-off to 5.00 p.m. on 17 November 2026. The extension follows an indicative all-share merger agreement first announced on 8 September 2026, under which Greenland Energy would acquire 80 Mile. Both parties state that due diligence is "all but complete" and that definitive transaction documentation is being finalised, making this deadline a critical near-term milestone for investors monitoring the proposed deal.

Key Points

  • 80 Mile PLC (80M), listed on the London market with SP Angel Corporate Finance LLP as Nominated Adviser and Joint Broker
  • The Takeover Panel has extended Greenland Energy's PUSU deadline by seven days to 17 November 2026 at 5.00 p.m. London time
  • Due diligence described as "all but complete"; definitive transaction documentation is being finalised; no firm offer has yet been announced
  • Investors should watch for a Rule 2.7 firm intention announcement — or a withdrawal — by the new 17 November 2026 deadline

Greenland Energy's All-Share Acquisition Proposal for 80 Mile Remains Subject to Final Documentation

The proposed transaction, first disclosed on 8 September 2026, envisages an all-share acquisition of 80 Mile by Greenland Energy Company. Under the City Code on Takeovers and Mergers, Greenland Energy was originally required by no later than 5.00 p.m. on 10 November 2026 to announce either a firm intention to make an offer under Rule 2.7 or confirm it would not proceed. The announcement states that both boards have confirmed due diligence on each other is "all but complete" and that they are "constructively finalising" the definitive transaction documentation, prompting the request for more time.

Takeover Panel Grants Seven-Day Extension Under Rule 2.6(c) of the City Code

80 Mile's board requested consent from the Panel on Takeovers and Mergers, which has granted an extension under Rule 2.6(c) of the Code. Greenland Energy must now, by no later than 5.00 p.m. London time on 17 November 2026, either announce a firm intention to make an offer in accordance with Rule 2.7 or announce that it does not intend to make such an offer. The announcement notes that this new deadline may itself be extended further, subject to consent from both 80 Mile and the Panel under Rule 2.6(c).

No Firm Offer Confirmed; 80 Mile Shareholders Advised to Take No Action at This Stage

The announcement explicitly states, in line with City Code requirements, that there can be no certainty that any firm offer will be made, nor as to the final terms of such an offer. Shareholders of 80 Mile are advised to take no action at this stage. The company remains in an offer period under the Code, meaning ongoing disclosure obligations under Rule 8 apply to any party holding or acquiring interests of 1% or more in relevant securities of either 80 Mile or Greenland Energy. SP Angel Corporate Finance LLP is acting as Rule 3 Adviser, Nominated Adviser, and Joint Broker exclusively for 80 Mile.

Key Risk: Greenland Energy Retains the Right to Amend or Withdraw Proposed Terms

The announcement sets out several circumstances in which Greenland Energy reserves the right to amend the terms of any offer, including making an offer at a lower value. These circumstances include 80 Mile announcing, declaring, or paying any dividend or return of value to shareholders, a third party announcing a firm intention to make an offer for 80 Mile, or 80 Mile announcing a Rule 9 waiver. Any amendment to offer value would remain subject to Rule 6 of the Code, except where Panel consent is obtained or the 80 Mile board provides recommendation or consent.