Logistics Development Group plc (LDG) confirmed on 5 November 2026 that the Put Up or Shut Up (PUSU) deadline for DBAY Advisors Limited has been extended to 5.00 p.m. on 3 December 2026, following a revised indicative takeover proposal from DBAY. The extension, consented to by the Panel on Takeovers and Mergers, allows LDG's Independent Directors additional time to assess the Revised Indicative Proposal, including commissioning an independent valuation of LDG's assets. The board has not yet reached a decision on the revised terms, and shareholders are advised to take no action at this time.

Key Points

  • Logistics Development Group plc (LDG) — logistics-focused investment and development group
  • DBAY Advisors Limited has put forward revised indicative terms for a possible offer for all LDG ordinary shares not already held by DBAY
  • The PUSU deadline has been extended from its previous date to 5.00 p.m. on 3 December 2026, with further extension possible subject to Panel consent
  • Investors should monitor whether DBAY announces a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers before the new deadline

Independent Directors Reject Earlier 20 Pence Per Share Proposal From DBAY

As previously announced on 8 October 2026, LDG's Independent Directors — comprising all board members except Colin Kingsnorth, who is deemed to be acting in concert with DBAY — unanimously rejected DBAY's earlier proposal of 20 pence in cash per LDG share. The Independent Directors have now received a revised indicative proposal from DBAY and are in the process of fully evaluating it with the assistance of LDG's advisers, Strand Hanson Limited acting as financial and nominated adviser, and Fladgate LLP serving as legal adviser. No decision on the Revised Indicative Proposal has yet been reached.

Independent Asset Valuation to Be Published Under Rule 29 If a Firm Offer Proceeds

A notable step in the review process is the appointment of an independent valuer to report on LDG's assets. The announcement states that this report will be published in accordance with Rule 29 of the City Code on Takeovers and Mergers should a firm offer ultimately be made. This valuation requirement reflects the asset-focused nature of LDG's business and may be a significant factor in determining whether the Revised Indicative Proposal is considered adequate by the Independent Directors. The company did not disclose the identity of the independent valuer in this announcement.

PUSU Deadline Now Set at 3 December 2026 Under Takeover Panel Consent

Pursuant to Rule 2.6(c) of the City Code, DBAY must now either announce a firm intention to make an offer under Rule 2.7 or confirm it does not intend to proceed — the latter being treated as a statement under Rule 2.8 — by 5.00 p.m. London time on 3 December 2026. The Panel on Takeovers and Mergers has consented to this extension, and the announcement notes the deadline may be extended further with Panel approval. LDG remains in a formal offer period, meaning Rule 8 disclosure requirements regarding dealings in relevant securities continue to apply to all relevant parties.