US-based Circle8 gets second deadline extension for SThree takeover bid

Oct 21 (Reuters) - British recruiter SThree said on Wednesday that the UK takeover panel has granted US-based staffing firm Circle8 an extra 28 days, until November 18, to decide whether to make an offer for the company.

Here are more details: 

• SThree's London-listed shares were up 4.36% at 311 pence in afternoon trade

• The British recruiter, which has a market value of £358 million ($479.22 million) confirmed that discussions between the company and Circle8 are ongoing

• The takeover panel had first extended the deadline for Circle8 to make an offer for SThree to October 21

• In September, SThree rejected an unsolicited approach from Circle8, saying the proposal significantly undervalued the recruiter and its long-term prospects

• In October, Circle8 had made a revised proposal featuring an improved cash offer and asked for more time to announce a firm intention to bid

• Circle8 had not disclosed the financial terms for the possible cash offer for SThree

($1 = 0.7470 pounds)

(Reporting by Anushka Chourasia and Rishab Shaju in Bengaluru; Editing by Rashmi Aich and Aseem Gujar)