The board of Smoove has confirmed that it is in early discussions with PEXA Group, regarding a possible cash offer for the entire issued and to be issued ordinary share capital of the company.

In a statement to the stock exchange, Smoove said that discussions with PEXA remain at an early stage and that there can be no certainty that an offer will be made for the company, nor as to the terms on which an offer may be made.

The board revealed that it is considering an alternative potential transaction proposed to it by a separate third party. Such a transaction, if pursued, would not result in an offer for the company under stock market takeover rules.

An ‘offer period’ has now commenced and PEXA must, by not later than 5.00 p.m. on 22 May 2023, make a firm offer or withdraw from the process.