80 Mile and Greenland Energy Extend Takeover Deadline to 3 November

80 Mile plc (LSE:80M) and Greenland Energy Company (NASDAQ:GLND) have agreed to extend the deadline for Greenland Energy to decide whether to make a firm all-share offer for 80 Mile.

Under the revised timetable, Greenland Energy has until 5:00 p.m. on 3 November 2026 to either announce a firm intention to make an offer or confirm that it does not intend to proceed, in accordance with the UK Takeover Code.

The companies said the extension provides additional time to complete confirmatory due diligence and reflects the cross-border nature of the proposed transaction.

Companies Continue Work on Proposed All-Share Deal

The boards of 80 Mile and Greenland Energy continue to work on definitive documentation relating to the potential combination.

Under the proposed structure, 80 Mile shareholders would receive shares in an enlarged Greenland Energy group, maintaining exposure to the combined business through a U.S.-listed company.

Management of the two companies believes a combination would consolidate their existing partnership in Greenland into a single corporate structure and provide the enlarged group with additional access to capital.

The companies have also identified potential reductions in duplicated corporate functions and a broader shareholder base as intended features of the proposed transaction.

However, there is no certainty that Greenland Energy will make a firm offer for 80 Mile or that a transaction will ultimately proceed.

Takeover Process Continues

The companies remain subject to applicable regulatory and disclosure requirements while the potential transaction is under consideration.

The extension moves the previous “put up or shut up” deadline to 3 November, allowing discussions, due diligence and preparation of transaction documentation to continue.

80 Mile Operations

80 Mile operates in the mining and natural resources sector, with a focus on projects in Greenland.

The company has an existing partnership with Greenland Energy Company, which the proposed all-share transaction would bring together within a single U.S.-listed group if completed.