Alto still working on offer for broker

Steve Burrows Cobra

Cobra has extended the deadline to receive a firm offer from suit Alto to 29 June.

This follows a similar extension last week. As last week, Cobra has extended the deadline to allow Alto, its only suitor, more time to prepare its offer.

Alto was set up by Cobra chief executive Stephen Burrows to buy Cobra.

“Alto has received credit approval for its funding, but any offer remains subject to the satisfaction of various conditions precedent which are still being addressed,” Cobra said in a statement.