LONDON (ShareCast) - (ShareCast News) - IP Group updated the market on its takeover offer for Touchstone Innovations on Monday, confirming an extension to its offer deadline, and confirming it has received support for the offer from shareholders representing more than 97% of Touchstone shares in issue.
The FTSE 250 company had announced on 25 August that the offer timetable was frozen to allow for the Competition and Markets Authority's phase 1 review of the offer to be conducted within the offer timetable.

As stated in the panel's statement on 25 August, day 39 of the offer timetable was being extended to the second day after the announcement of the CMA's decision following its phase 1 review.

On 29 August, the CMA announced the start of its phase 1 review of the proposed transaction, with 24 October as the deadline for the announcement of its decision.

As a result, IP Group announced on 18 September, that it was extending the offer until 1300 BST on 6 October.

"In accordance with the disclosures set out above, IP Group announces that the offer is being further extended and will remain open for acceptance until the next closing date which will be 1300 BST on 27 October.

"Should there be any further extension of the offer this will be publicly announced by 0800 GMT on the business day following the day on which the offer is due to expire, or such later time or date as the panel may agree."

As at 1300 BST on 6 October, being the second closing date of the offer, IP Group said it had received valid acceptances in respect of a total of 84,540,607 Touchstone shares, representing approximately 52.4432% of the issued share capital of Touchstone, which IP Group may count towards the satisfaction of the acceptance condition.

Of those, acceptances had been received in respect of 16,120,000 Touchstone shares, representing approximately 9.9997% of the current issued share capital of Touchstone, from Invesco Asset Management, which is presumed by the panel to be acting in concert with IP Group.

Acceptances had also been received in respect of 68,420,607 Touchstone shares, representing approximately 42.4435% of the current issued share capital of Touchstone, including 56,959,693 Touchstone shares received under the terms of certain irrevocable undertakings to accept and letters of intent provided by certain Touchstone shareholders, IP Group's board explained.

IP Group said it continued to hold letters of intent in support of the offer in respect of a further 71,492,500 Touchstone shares, representing approximately 44.3491% of the existing issued share capital of Touchstone, that remained outstanding as at the second closing date.

"Accordingly, IPG has now received support for the offer from holders of Touchstone shares representing, in aggregate, 96.7923% of Touchstone's issued share capital.

"The percentage holdings of Touchstone shares referred to in this announcement are based on there being a total of 161,204,124 Touchstone shares in issue."

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