LONDON (ShareCast) - (ShareCast News) - IP Group updated the market again on its takeover offer for Touchstone Innovations on Wednesday, confirming that as at 1300 BST on Tuesday, it had received valid acceptances of its offer in respect of 155,859,312 Touchstone shares, representing 96.6844% of Touchstone's issued share capital.
The FTSE 250 company had announced the terms of its offer the the AIM-traded firm on 20 June, and on Tuesday the Competition and Markets Authority confirmed it would not take the transaction to a stage two investigation, clearing the way for the takeover to proceed.

It said it had received acceptances in respect of 62,898,455 Touchstone shares, representing approximately 39.0179% 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.

IP Group also received acceptances for 92,960,857 Touchstone shares, representing approximately 57.6666% of the current issued share capital of Touchstone, including 81,492,193 Touchstone Shares representing 50.5522% of the current issued share capital of Touchstone, received under the terms of certain irrevocable undertakings to accept and letters of intent provided by certain Touchstone Shareholders, excluding those acceptances provided by Invesco.

The board said it continued to hold letters of intent in support of the offer in respect of a further 210,000 Touchstone shares, representing approximately 0.1303% of the existing issued share capital of Touchstone, that remained outstanding as at Wednesday morning's announcement.

Accordingly, IP Group said it has received valid acceptances of its offer in respect of a total of 155,859,312 Touchstone shares, representing approximately 96.6844% of Touchstone's issued share capital which it may count towards satisfaction of the acceptance condition, which has now been been satisfied with the offer becoming unconditional as to acceptances.

IP Group also confirmed that all the conditions to the offer set out in the offer document had now been satisfied or waived and, accordingly, the Offer had now become unconditional in all respects.

"The combination of IP Group and Touchstone Innovations creates a clear market leader and a company with the scale to help create, build and support the very best world-changing businesses," said IP Group CEO Alan Aubrey.

"The enlarged group is well-funded and will benefit from both critical mass and a balanced portfolio and we look forward to working with our new colleagues."

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