Science and technology investor IP Group rejects improved £752m offer from pension fund manager Railpen
A science and technology investor rejected an improved £752million offer yesterday.
London-based IP Group said it had carefully considered a fresh proposal from its biggest shareholder, the pension fund manager Railpen.
IP Group said it had concluded that the new offer – which had been raised to 61p a share from 59p – ‘continues to significantly undervalue’ the business.
But it said it has extended a ‘put up or shut up’ deadline for Railpen to make a new offer or walk away by Monday.
Shares in IP closed at 64.7p, up 0.2 per cent.
Rejected: Science and technology investor IP Group said it carefully considered a fresh proposal from its biggest shareholder, the pension fund manager Railpen
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