The board of a Manchester-headquartered credit management services provider has said it is minded to recommend a revised bid by a private equity firm, which helped the billionaire brothers behind EG Group acquire Asda.
Manchester-headquartered Arrow Global received a preliminary, conditional proposal from TDR Capital on February 8 for a possible cash offer of 305 pence per share for the entire issued and to be issued ordinary share capital.
Arrow Global has now confirmed that on February 22, TDR Capital made a revised proposal of 307.5 pence per share in cash.
In a statement issued to the London Stock Exchange, the board of Arrow Global has confirmed to the private equity firm that it is minded to recommend a firm offer at the revised price.
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TDR Capital has until 8am on March 23 to make a firm offer for Arrow Global.
The move from TDR Capital comes after is partnered with EG Group's Zuber and Mohsin Issa to complete a £6.8bn deal for Asda.
The firm also has investments in the likes of David Lloyd Leisure, Keepmoat Homes and Stonegate Pub Company.
It has previously backed Pizza Express, Lowell Group and International Car Wash Group.