Homemoving hub Smoove has extended its takeover talks with Australian rival Pexa Group until the middle of next month.  

The UK firm says that “discussions between the parties remain ongoing”, in a stockmarket statement, and has agreed with the Panel on Takeovers and Mergers that talks should continue until 5pm on 16 June.   

By this time Pexa must either make a firm bid for the business, or walk away for 12 months.  

Pexa originally had until 22 May to formally bid for the business.  

Smoove adds: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made as and when appropriate.”  

Shares in Smoove lifted 1% to 49.5p in morning trading, valuing the business — which connects homebuyers, brokers, conveyancers and estate agents on its platform — at £27.8m.  

The Aim-listed firm announced on 24 April that it was in takeover talks with Pexa, as well as in discussions with an unnamed third party about additional finance.   

However, a day later it said its third party discussions had ended, leaving it in sole talks with Pexa.  

Smoove, founded in 2003 and led by chief executive Jesper With-Fogstrup, posted sales of £19.2m last year, turning in a loss of £5.1m.      

Pexa Group, established in 2018 and run by chief executive Glenn King, runs a similar homemoving platform in the Australian market. It posted sales of A$279.8m (£150.4m) last year and moved from a loss of A$11.79m to net income of A$21.85m.