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Railpen, the largest shareholder in Britain's IP Group , said on Monday that it does not intend to make another offer for the early-stage science investor as the companies could not agree on a mutually acceptable proposal.
Frontier IP Group PLC (LSE:FIPP, FRA:8WT) said its portfolio company Cambridge Raman Imaging has secured a €400,000 European grant as it targets pharmaceutical manufacturing quality control and prepares pilot testing with two industry groups. The non-dilutive European Innovation Council funding will support the scale-up of CRI's high-speed Raman imaging and artificial intelligence technology.
The board of IP Group PLC (LSE:IPO), the London-listed technology investor, may struggle to recommend an improved takeover proposal from pension fund Railpen without further concessions, according to Deutsche Bank. Railpen returned with a revised offer ahead of today's put up or shut up deadline, when it must either make a firm bid or walk away.
SANTA CLARA, Calif. & OXFORD, England--(BUSINESS WIRE)-- #Mach42--Mach42 completes £7m funding round, led by IP Group with investment from BGF and Foresight Group.
IP Group's board of directors on Monday unanimously rejected a sweetened 71.3 pence-per-share takeover proposal from its largest shareholder, Railpen, citing significant undervaluation of the company and its prospects.
Railpen has raised its takeover proposal for IP Group PLC (LSE:IPO), offering shareholders a mix of cash, shares in Oxford Nanopore and a contingent payout linked to the biotech firm Metsera. The pension fund manager, IP Group's largest shareholder with an 18.4% stake, has made two improved proposals to the board since its initial approach on 22 June, following meetings with shareholders and directors.
Railpen, the largest shareholder in Britain's IP Group , said on Friday it has made a sweetened takeover offer for the early-stage science investor, nearly a month after IP Group rejected an earlier approach.
IP Group PLC (LSE:IPO), the company that backs spin-out businesses, has rejected a takeover proposal from one of its largest shareholders, the railways pension scheme Railpen. The board said the proposal, received on 16 June, materially undervalued the company and its prospects, and was turned down unanimously.
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