29th Jan 2016 09:38
LONDON (Alliance News) - Cathexis UK Holdings Ltd on Friday said it has raised its cash takeover offer for construction services group ISG PLC significantly, following ISG's board having consistently reiterated its opposition to the first offer.
Cathexis said it has offered 171.00 pence per share in cash for ISG, significantly higher than the 143.00 pence per share it had made previously. The new deal values ISG at GBP84.6 million and is a 40% premium to its closing price on December 10, the day before the first offer was made.
ISG has consistently urged shareholders to reject the deal, saying it undervalues the business.
Cathexis already owns a 29.5% stake in ISG.
ISG shares were up 13% to 165.01 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ISG.L