Business
Offer for Touchstone Innovationsplc by IP Groupplc
Offer for Touchstone Innovationsplc by IP Groupplc.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 6249I IP Group PLC 20 June 2017 \n\nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\nTHE FOLLOWING ANNOUNCEMENT IS NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE NEW IP GROUP SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE OFFER DOCUMENT WHICH IS PROPOSED TO BE PUBLISHED IN DUE COURSE.\nTHIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.\n20 June 2017\nOffer for Touchstone Innovations plc by IP Group plc\nSummary\n· Further to the announcements made by IP Group plc (\"IP Group\" or the \"Company\") on 23rd May 2017 (the \"Possible Offer Announcement\") and on 8th June 2017, the Board of IP Group is pleased to announce the terms of an offer to be made by IP Group for the whole of the issued and to be issued share capital of Touchstone Innovations plc (\"Touchstone\") to be effected by means of a takeover offer under the City Code on Takeovers and Mergers (the \"City Code\") and within the meaning of Part 28 of the Companies Act (the \"Offer\")\n· Under the terms of the Offer, holders of Touchstone Shares will be entitled to receive:\n 2.1575 New IP Group Shares in exchange for each Touchstone Share \n(the \"Exchange Ratio\")\n· The financial terms of the Offer remain unchanged from those set out in the Possible Offer Announcement, as adjusted for the Capital Raise \n· Based on the Exchange Ratio and the Closing Price of 134 pence per IP Group Share on 19 June 2017 (being the last Business Day prior to the date of this Announcement), the Offer values each Touchstone Share at 289 pence and Touchstone's existing issued ordinary share capital at approximately £466 million\n· Assuming acceptance of the Offer in full, the Offer will result in Touchstone Shareholders owning approximately 33 per cent. and IP Group Shareholders owning approximately 67 per cent. of the Combined Group \n· &nb...