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The US investor bidding to buy ISG has accused the contractor of repeatedly failing to meet shareholder expectations as the 拢71m takeover battles hots up.

US investors Cathexis, in a statement issued in response to ISG鈥檚 rejection of its offer, said it believes it is offering an offer price that 鈥渇airly鈥� reflects ISG鈥檚 strengths, and added: 鈥淚SG has demonstrated a history of volatile trading, has repeatedly failed to meet expectations and has delivered poor returns to shareholders relative to its peers.鈥�

Cathexis said the bid price took into account the firm鈥檚 鈥渧olatile performance, client concentration and the cyclicality of the industry.鈥�

On 30 December 2015 the board of ISG published a revised defence document calling Cathexis鈥� offer of 拢1.43 per share 鈥渋nadequate鈥� and urging shareholders to not accept it.

ISG鈥檚 board in its defence documents also accused Cathexis of being an 鈥渁stute investor鈥� who bought ISG shares when the share price was low and 鈥渘ow sees further value in your ISG shares at your expense鈥�

In response to this accusation Cathexis said it has been 鈥渁 supportive shareholder,鈥� but added that if its offer did not succeed 鈥渢he provisions of the City Code limit its ability to provide future support鈥�.

Cathexis also said it plans to post its own circular to ISG shareholders containing its responses to comments made by the board of ISG and to provide shareholders with additional insights as to why it believes it is offering a fair price.

Cathexis鈥� offer - a 17% premium on ISG鈥檚 closing share price on 19 December 2015, valuing the company at 拢71m - said on 12 January 2016 that it had only received acceptances for 1.58% (785,366 ISG shares) of ISG鈥檚 current issued share capital at the first closing of the offer. The investor then extended the deadline for shareholders to show support until 1pm on 25 January.