Cobra deal extended until June 15

Cobra chief executive Steve Burrows has been given until June 15 to arrange financing and pull off a deal to buy Cobra.

The Takeover Panel has agreed to extend the deadline from June 7 to June 15 to give Burrows more time. It is the third extension agreed by the Takeover Panel.

Towergate had originally eyed up a deal to buy Cobra but pulled out. That has paved the way for Burrows, who has formed an acquisition vehicle called Alto Intermediary Group Limited, to buy the company.

Cobra is largely owned by staff and directors, with Burrows the largest shareholder.