• Most Popular
  • Most Shared

Innovation rejects EXL bid; says current trading good

Tue Oct 6, 2009 7:30am EDT

Stocks

   

(Reuters) - Software firm Innovation Group (TIG.L) said it rejected an unsolicited approach from EXL Service Holdings Inc regarding a possible cash offer of 16 pence per share.

Innovation said the approach from EXL, a New York-based outsourcing firm, was preliminary in nature.

Earlier this year, Innovation got an expression of interest at 15 pence per share from private-equity firm Carlyle Group CYL.UL. However, the talks soon got terminated.

The company, which provides outsourcing services to the insurance industry, also said it continued to improve its trading, helped by contract wins, cost cuts and completion of its Innovation Insurer software platform.

Innovation's shares were trading up 13.3 percent at 12.75 pence at 12:20 p.m. on Tuesday on the London Stock Exchange.

(Reporting by Purwa Naveen Raman in Bangalore; Editing by Vinu Pilakkott)


More from Reuters

Photo

U.S. pay czar Feinberg OKs compensation at some bailout firms

WASHINGTON (Reuters) - U.S. pay czar Kenneth Feinberg on Wednesday approved compensation plans for several executives and top-paid employees at three firms that have received taxpayer aid.

» More Top News
A man dressed as talks on a telephone during his visit at the Benjamin Bloom National Children Hospital in San Salvador December 17, 2009.

Making the call on stocks

Looking for something special to put under your favorite investor's tree? These shares may provide the best upside surprise.  Full Article 

Healthcare reform
A customer orders food at the newly opened Island Salad restaurant in Harlem in New York December 16, 2009. REUTERS/Finbarr O'Reilly

Food fight in Harlem

In a neighborhood where hamburgers and tacos reign supreme, one entrepreneur is waging war on obesity -- one salad at a time.  Full Article 

Lifestyle