LONDON (ShareCast) - (Sharecast News) - Inspired said on Friday that the recommended all-cash takeover offer from Intrepid Bidco, a vehicle controlled by funds managed and advised by US private equity firm HGGC, had been declared unconditional after receiving acceptances for 63.72% of its shares.
Bidco had also waived the remaining conditions to the offer, which was announced in June, with all associated rule 15 proposals now unconditional.

As majority shareholder, Bidco now had "significant control over Inspired and is in a position to ensure the approval, or rejection of ordinary resolutions of Inspired and determine the overall strategy of the Inspired Group," the company said.

If Bidco secures 75% or more of the voting rights, it said it intends to seek cancellation of Inspired's AIM listing, which would "significantly reduce the liquidity and marketability" of any remaining shares.

The board urged any shareholders or warrant holders yet to accept the offer to do so "so that they can receive their cash consideration as soon as possible."

It said the offer remained open for acceptance until further notice.

At the offer deadline on 14 August, Bidco had also received acceptances for all Inspired share options, 72.88% of Inspired warrants and all £5m of convertible loan notes.

Should Bidco reach 90% ownership of the relevant securities, it said it planned to move to compulsorily acquire the remainder and re-register Inspired as a private company.

At 1039 BST, shares in Inspired were down 0.31% at 80.25p.

Reporting by Josh White for Sharecast.com.

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