11th Dec 2015 07:49
LONDON (Alliance News) - US-based investment group Cathexis UK Holdings Ltd on Friday said it has made a takeover offer for construction services company ISG PLC which values the company's issued share capital at GBP70.8 million.
Cathexis will pay 143.00 pence per share for ISG, a 17% premium to its closing price on Thursday.
The bidder said it believes the offer will provide some certainty to ISG shareholders on realising the value of their holdings and mitigate the inherent risks in ISG's construction business in the UK, which has been hit by troublesome legacy contracts.
Cathexis already holds a 29.5% stake in ISG, having been a shareholder in the business since March 2012.
By Sam Unsted; [email protected]; @SamUAtAlliance
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