ISG has asked its shareholders not to sell their shares following an increased offer from Cathexis
ISG鈥檚 board has continued to advise its shareholders to 鈥渘ot鈥� sell their shares to US investor Cathexis following its increased 拢85m takeover offer on Friday.
Cathexis upped its offer to 拢1.17 per share, from 拢1.43 per share, increasing its cash offer for the firm by 20% from 拢71m to 拢85m.
The US investor added that the increased offer was final and that it would not raise it any further.
The board of ISG also said the mandatory offer was conditional on it receiving enough ISG shares to give it over 50% of the company鈥檚 voting rights, rather than 90% threshold originally set.
It also pointed out the 鈥渧ery low level鈥� of shareholder acceptances to the previous offer (1.7%) and the 0.6% of acceptances on Friday. However, Cathexis already owns 30.1% of ISG鈥檚 shares.
The increased offer comes after a seven-week war of words between the two parties over the takeover offer and over the future strategy of ISG.
Shareholders have until 17 February to respond to the increased offer.
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