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IP Group PlC offers to acquire entire issued share capital of Fusion IP PLC


Thursday, 23 Jan 2014 02:01am EST 

IP Group Plc and Fusion IP plc:Says they have reached agreement on the terms of a unanimously recommended all-share offer to be made by IP Group for the entire issued and to be issued share capital of Fusion IP not already owned by IP Group.Says it is proposed to effect the Offer by way of a scheme of arrangement under Part 26 of the Companies Act.Saus IP Group owns 20.1 pct of the issued share capital of Fusion IP.Says under the terms of the offer, Scheme Shareholders will be entitled to receive 0.446 of a New IP Group Share for every Scheme Share held.Says the offer values each Fusion IP Share at 0.802 British Pound and the entire issued share capital of Fusion IP at about 87.8 mln British Pound.Says the offer represents a premium of about 27.4 pct to the closing price of 0.63 British Pound per Fusion IP Share on Jan. 22 (being the last Business Day prior to the date of this announcement).Says IP Group intends to raise gross proceeds of up to about 75.0 mln British Pound through the issue of up to 45,454,856 IP Group shares by way of an underwritten firm placing and non-underwritten Placing, open offer and offer for subscription at a price of 1.65 British Pound per IP Group Share. 

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