Construction News

12/01/2016

ISG Shareholders Snub Cathexis Takeover Bid

ISG shareholders have given an underwhelming response to a proposed takeover bid by Texan company Cathexis.

The investment firm proposed a £70.8 million bid to take control of the business along with a 143p per share price.

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However, just 1.6% of shareholdings had excepted the offer by the deadline on 11 January.

It is understood ISG's management and two large shareholders rejected the bid.

Cathexis has now extended its offer in an effort to woo more sellers by 1pm on 25 January.

(LM)

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