Universal Music Group has extended until July 26 its cash offer to buy the financially-troubled British independent firm Sanctuary Group.

On June 15, UMG-subsidiary Centenary Music confirmed its intention to acquire Sanctuary at 20 pence ($0.40) a share in cash, valuing the company at about £44.5 million ($87.68 million). The deadline for that recommended offer expired yesterday (July 12).

The agreement for the international music group encompasses recorded products, merchandising and artist services including artist management and live agency arms.

However, in a statement issued this morning to the London Stock Exchange, both parties said that offer had received about 68.62 million acceptances, for about 30.88% of Sanctuary's total shares.

Stock in Sanctuary was unchanged in morning trading at 19.75 pence.

The extended offer remains open for acceptance until 3.00 pm ET on July 26. Any further extensions will be announced by 8.00 am on the following business day.

The statement also notes that Centenary has received regulatory clearance on the deal in Germany, Australia and the United States.