1st Apr 2016 09:40
LONDON (Alliance News) - The consortium taking InternetQ PLC private on Friday said it will exercise its right to compulsorily acquire the remaining shares in the company, having passed the 90% threshold for acceptances.
Hedge fund Toscafund Asset Management LLP, part of a consortium with UK mid-market private equity investor Penta Capital LLP and InternetQ Founder-Chief Executive Panagiotis Dimitropoulos, said the group has secured around 92% acceptance for its offer.
The consortium will now look to compulsorily acquire the remaining shares in InternetQ and will contact any shareholders who have yet to accept the bid.
The group is acquiring InternetQ for 180.00 pence per share, valuing the mobile marketing business at around GBP72.3 million.
InternetQ shares were up 0.6% to 181.00p Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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