Pension services and SIPP provider STM has been acquired by Guernsey-based investment vehicle Pension SuperFund Capital in a £39.8m deal that was extended several times since first being announced in July.

SIPP provider STM has reported half year, pre-tax profit down by £400,000 as negotiations over a takeover bid for the group are extended again.

Pension SuperFund Capital has reported an “inadvertent breach” of one of the rules of City Code on Takeovers and Mergers in its announcement on 8 September about its offer for SIPP provider STM Group.

Investment vehicle Pension SuperFund Capital has lowered its offer for SIPP provider STM Group from 70p per share to 67p per share.