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The US investor bidding to buy ISG has once again admitted it is well short of securing sufficient shareholder support to seal the deal and has extended the offer deadline for a second time to 1 February (next Monday).

In a statement this morning Cathexis said it had secured support from 1.7% of ISG shareholders for the 拢71m takeover by today鈥檚 deadline, which was itself an extension.

Added to its own shareholding in ISG of 29.6%, Cathexis has effective 31.2% support for the takeover - well below the 90% acceptance threshold set.

In today鈥檚 statement Cathexis once again encouraged ISG shareholders to accept the offer 鈥渁s soon as possible鈥�.

The latest development comes after Cathexis last week slammed ISG鈥檚 performance and said it believed its offer price 鈥渇airly鈥� reflects ISG鈥檚 strengths, adding: 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鈥� offer - a 17% premium on ISG鈥檚 closing share price on 19 December 2015 - values the company at 拢71m.