Business
Update on Offer for Touchstone and Capital Raising
Update on Offer for Touchstone and Capital Raising.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 0145P IP Group PLC 25 August 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. \n25 August 2017\nUpdate on Offer for Touchstone Innovations plc (\"Touchstone\") and Capital Raising\n \n1. Update on Offer timetable \nIP Group plc (\"IP Group\") notes the statement released today by the Takeover Panel relating to the timetable for the offer (the \"Offer\") by IP Group for Touchstone.\nThe proposed transaction is currently in the final stages of the pre-notification process with the CMA following which the formal 40 business day Phase 1 review period by the CMA shall commence. This is anticipated to occur shortly.\nThe Offer timetable has been frozen to allow for the pre-notification process to be concluded, formal notification to take place and the normal CMA Phase 1 review of the Offer to be conducted within the Offer timetable. As stated in the Takeover Panel's statement, Day 39 of the Offer timetable will be extended to the second day after the announcement of the CMA's decision following its Phase 1 review. A further announcement will be made at the appropriate time. \nThe Offer remains subject to certain of the conditions set out in Part A of Appendix I of the offer document sent by IP Group to Touchstone shareholders on 18 July 2017 (the \"Offer Document\"), including the CMA clearance condition set out in paragraph 1(E) of Part A of Appendix I of the Offer Document.\nIn view of the freezing of the Offer timetable above, and in accordance with Rule 34.1 of the Code, if the Offer has not become unconditional as to acceptances before 6 October 2017 an accepting Touchstone shareholder will be entitled to withdraw his acceptance of the Offer by written notice in the manner referred to in paragraph 3 of Part B of Appendix I of the Offer Document from that date until the earlier of (a) the time that the Offer becomes or is declared unconditional as to acceptances and (b) the final time for lodgment of acceptances for the purposes of determining whether the acceptance condition set out in paragraph 1(A) of Part A of Appendix I of the Offer Document is satisfied.\n \n2.&nb...