Carlyle gets extension on Chemring bid talks

It is the first time a private equity bidder is known to have been granted extra time under the recent Takeover Code's "put up or shut up" rules, designed to prevent speculative bids.

Carlyle now has until 6pm on 12 October 2012 to make an offer for the company, which supplies armies with tools for detecting and disposing of bombs. The firm is thought to have been hit by reduced defence spending in the US, UK and elsewhere.

Carlyle is currently in discussions with Chemring's board over a potential acquisition.

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