5th Feb 2016 16:45
LONDON (Alliance News) - ISG PLC on Friday recommended that shareholders reject the takeover offer made for the company by Cathexis UK Holdings Ltd.
Cathexis last week made an offer of 171.00 pence per share for the construction services company, having previously proposed an offer of 143.00p which ISG rejected.
On Thursday, ISG said its directors were unanimous in rejecting the new offer, claiming that it undervalued the company. The offer values ISG at GBP84.6 million.
On Friday, ISG said it will post a circular to shareholders explaining why it thinks they should reject the revised offer.
Shares in ISG closed down 0.1% at 170.91p on Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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