On 27 June 2024, following completion of diligence including the review of current trading and outlook, the Board of Keywords Studios plc (AIM:KWS) received an updated possible cash offer from a fund which is part of the EQT AB (publ) (OM:EQT) of 2,450 pence per share to acquire the entire issued and to be issued share capital of the Company. The Updated Possible Offer follows a revised possible cash offer of 2,430 pence per share from EQT on 26 June 2024. The Board has carefully evaluated the Updated Possible Offer with its financial advisers and concluded that the Updated Possible Offer is at a value that the Board would be minded to recommend to Keywords Studios shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer.

In an announcement on 14 June 2024, the Board stated that in accordance with Rule 2.6(c) of the Code, EQT was required, by no later than 5.00 pm on 28 June 2024 ("PUSU Deadline"), either to announce a firm intention to make an offer for Keywords Studios in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for Keywords Studios, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. To finalise transaction documentation, the Company has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, a short extension of the PUSU Deadline. Consequently, in accordance with Rule 2.6(c) of the Code, EQT is now required, by no later than 5.00 pm on 3 July 2024, either to announce a firm intention to make an offer for Keywords Studios in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for Keywords Studios, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.