Slow take-up prompts ISG bidder to extend its offer
The £70.8m takeover bid for ISG by investment firm Cathexis as had an underwhelming response from shareholders.
Last month Cathexis gave ISG shareholders until 11th January to accept its offer of 143 pence per share. The ISG board recommended shareholders to reject the offer and hol don to their shares.
Aside from Cathexis itself, just 1.58% of shareholdings had accepted the offer by the deadline. Including its own substantial holding in the business, this gives Cathexis 31.1% of the current issued share capital of ISG.
Cathexis has now extended its offer by another two weeks to 1pm 25th January 2016 in a bid to woo more sellers.
ISG share price closed yesterday at 147 pence.
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This article was published on 12 Jan 2016 (last updated on 12 Jan 2016).