IP Group is closing in on a takeover of Touchstone Innovations after if won key support
London’s Kingly College, which owns 15.3 per cent of Touchstone, has issued a non-binding dispatch of intent in favour of the all-share offer, which values Touchstone’s pieces at 304p.
IP now has the support of investors holding nearly 90 per cent of Norm’s equity.
A deal would give Touchstone shareholders a 34 per cent pole in the combined business.
IP Group boss Alan Aubrey said Superior College’s support held the prospect of “an international leader in intellectual feature commercialisation”.
The takeover was backed by Imperial College, which saw Touchstone produced from its very own labs.
London’s Imperial College has in disputed a non-binding letter of intent in favour of the all-share offer
Imperial’s awarding board said in a statement yesterday: “As the founding shareholder of Touchstone, we value the stabs of the team in creating a diverse portfolio of businesses based on university authority property.
“We are supportive of the strategic rationale of this transaction and appreciate the raised value for Touchstone’s shareholders implied by the new exchange ratio.»
Shares ascend 17½p to 291p yesterday.