3rd Sep 2021 14:32
Science Group PLC - Cambridge-based research and regulatory consultancy services - Withdraws TP Group takeover offer of 6.5 pence per share after weeks of back-and-forth, says TP Group won't provide access to information instrumental to Science Group's offer and brands this "unacceptable".
Science Group holds just over an 18% stake in Reading-based TP, has not paid more than 6.5p per share. TP believes the offer "undervalues" company.
"The Science Group indicative offer represented an approx 67% premium to the TP Group closing share price on the last trading day prior to Science Group's investment," adds Science Group. "The lack of cooperation from the TP Group board means that TP Group shareholders will be denied this attractive liquidity opportunity."
Science Group current stock price: 426.00 pence
Year-to-date change: up 52%
TP Group current stock price: 5.53 pence, down 8.7% on Friday
Year-to-date change: down 18%
By Josie O'Brien; [email protected]
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