Towergate given until end of month to buy Cobra

The deadline for Towergate to buy Cobra has been extended from today until May 28 by the Takeover Panel.

The extended deadline also applies to Alto Intermediary Group Limited, the acquisition vehicle formed by current Cobra chief executive Steve Burrows.

A stock exchange statement said both companies are conducting due dilligence. Towergate chief executive Mark Hodges reckons his firm could add another £400m in premium income via acquisitions.