The £39m bid for SIPP provider STM Group has been extended for a fourth time as chief executive Alan Kentish strives to buy a chunk of the company.

Bid talks have now been extended to 27 September after being due to close on 8 September

Current STM Group CEO Alan Kentish is trying to buy a number of group assets, including the UK SIPP businesses and 'entities' connected with the funder of the group’s Master Trust operation.

The new deadline is 5 pm on 27 September with current bidder for the compay Pension SuperFund Capital having until then to confirm its offer or withdraw.

Earlier this week Pension SuperFund lowered its offer from 70p per share to 67p as it emerged that Mr Kentish was trying to buy part of the STM Group.

The new conditional Pension SuperFund offer would mean a cash deal for the company.

So far 32.7% of STM Group shareholders have indicated they would vote in favour of a 67p a share offer for the business if it goes ahead.

Among a number of UK and European interests, STM Group owns Options Pensions and London & Colonial Pensions.

Because of the potential sale of part of the group and Mr Kentish's interest in it, an independent committee of the board of STM Group, comprising Nigel Birrell, Peter Smith and Therese Neish has been formed to consider the revised possible offer and the proposed sale of assets.