Alto needs more time to arrange financing

The deadline for Alto Intermediary Group’s takeover deal of Cobra has been extended to give the company more time to arrange financing, according to a London Stock Exchange announcement.

The announcement of a firm offer was set to happen today, but has been put back to 7 June.

The stock exchange alert said: “There can be no certainty that any offer will be made for the company.”

Towergate pulled out of the bidding for Cobra earlier this month, leaving Alto as the only bidder in the running.

Cobra’s market capitalisation is £9.1m