Cathexis raises its bid for ISG
Cathexis UK Holdings, the fund trying to take over construction group ISG, has improved its offer by nearly 20%.
On 11th December 2015, Cathexis launched an offer of 143p per ISG share in a bid to take over the business. After extending the deadline for its offer twice it managed to muster 1.7% of the shares, which added to the shares it already owned gave it a holding of 31.23.
Earlier this week Cathexis gave ISG shareholders another extension to the deadline to accept its offer.
With take up proving slow and the offer price below ISG’s actual share price (163p currently), Cathexis has now raised its offer to 171p per share and swiftly secured a further 0.6% of the shares at this new price.
ISG’s board responded by saying that it noted the announcement by Cathexis but repeated its recommendation that shareholders should take no action.
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This article was published on 29 Jan 2016 (last updated on 1 Feb 2016).