Cambria Automobiles PLC (LON:CAMB) said its management team has been given extra time to evaluate a possible acquisition of the motor retail group.
The management team has been given put up or shut up deadline of 5.00pm on May 17 by the UK Takeover Panel.
On March 22, the board of Cambria announced that it had consented to chief executive Mark Lavery, finance director James Mullins and Tim Duckers, managing director of the Motor Division, exploring a possible acquisition at a price of 80 pence per share in cash.
Discussions between the parties are ongoing, the company said today.