Originally set for 9 January, the deadline has been extended to 22 January, allowing stakeholders more time for consideration.

The announcement of the offer, with an enterprise value of £1.4bn, was made on 7 December and has received unanimous endorsement from the SMS board. However, Glasgow-born founder Steve Timoney and former CEO Alan Foy, along with long-term shareholder PrimeStone Capital, holding a combined 17.8% of SMS’s issued share capital, are opposing the 955p per share cash offer.

Despite the board’s recommendation, Mr Timoney and Mr Foy issued a statement on 21 December expressing disappointment with the offer, citing a 40.4% premium to the closing price of 680p on 6 December. Mr Timoney, a hotelier and basketball club owner, currently stands to make approximately £51 million from the acquisition, Daily Business reports.