Competition watchdog clears £490m merger

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The Competition and Markets Authority has cleared IPG Group’s £490m offer for Touchstone Innovations.

The offer timetable had been frozen while the CMA review was completed, and IP Group announced this morning that following the CMA clearance, the offer timetable had now been unfrozen.

It said the next closing date of the offer was 1pm on October 27.

IP Group 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.