Pegasus plays for time - Pushpay deadline extended

Pushpay's software is used for church donations. Photo / Chris Keall

Pushpay Holdings said the deadline for a possible takeover deal by Pegasus Bidco had been extended to 7pm tomorrow.

The previous deadline was Monday night.

The donations software company said it had agreed to a further amendment to the proposal’s scheme implementation agreement (SIA) to extend the date by which either the company or Pegasus Bidco can terminate the SIA, if the parties do not agree to hold another scheme meeting.

Pushpay said the bidder - which is associated with investment companies Sixth Street and BGH Capital consortium - had requested this extension to allow further time to progress the terms of a potential alternative proposal.

“The bidder advises that this process is ongoing,” Pushpay said.

If the parties have not reached an agreement on holding another scheme meeting by tomorrow night, then either party can terminate the SIA.

“There is no certainty that the bidder’s engagement with select shareholders and the company will result in an alternative proposal or transaction,” Pushpay said.

The original scheme of arrangement failed to garner enough support when it was put to shareholders on March 3.

Under the scheme, Pegasus Bidco was offering to acquire all of the shares in Pushpay for $1.34 in cash per share.

Shares in Pushpay last traded at $1.24.