Shareholders back £466m hostile takeover by IP
Shareholders at Touchstone Innovations have supported a hostile takeover by the IP Group in a deal that would be worth £466m.
Touchstone chairman David Newlands appealed to shareholders earlier this month after rebuffing the IP Group’s advances as undervaluing the company.
Now, close to three quarters of Touchstone’s shareholders are now backing the takeover. Shareholders representing 74.3% of the total shares support the coup, according to the Telegraph, falling a hair’s breadth short of the 75% that is needed to force the buyout through.
The most recent offer of 289p per share is lower than that which was initially proposed by IP in May, which offered 307p per share. The stock value of both businesses has dropped since then.
Alan Aubrey, chief executive of IP Group, said: “We remain open to engagement with the Touchstone board at any point regarding our offer.”
Both companies invest in technology and R&D in partnership with the academic world to bring emerging and disruptive technology to market.
This morning Touchstone announced a £1.5m investment in the latest £3m Series B funding round for Impression Technologies.
IP Group has offices in Leeds and London and has backed University of Leeds spin-outs Tracsis, Tissue Regenix and Xeros, plus University of Sheffield spin-out Diurnal Group.
