Near-total shareholder support for hostile takeover

X The Business Desk

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IP Group’s hostile takeover of rival Touchstone Innovations has now reached 96% shareholder support.

In a shareholder update this morning,  FTSE250-listed IP Group (IPG) said that it had received valid acceptances in respect of 84m shares – representing around 52% of the share capital of Touchstone. The deal, described earlier this year as “hostile,” will be reviewed by the Competition and Markets Authority.

Invesco, which is presumed to be “acting in concert” with IPG, held 62m Touchstone shares, representing approximately 39% of the current issued share capital of Touchstone.

Remaining shareholders have been given until October 6, after an extension was granted to the time-frame due to a review by the Competition and Markets Authority.

IPG earlier this year upped its offer to £490m for Touchstone and secured the backing of the company’s founder Imperial College.  

Both the companies specialise in scientific commercialisation projects. 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.