December 17, 2008 / 8:20 AM / 11 years ago

UPDATE 1-Innovation rejects offers, shares soar 132 percent

* Says received approaches including 15-20p/shr cash offer

* Says offer proposals not at acceptable level (Adds details)

Dec 17 (Reuters) - British software company Innovation Group Plc TIG.L said on Wednesday it had rejected several offer approaches as they were “not at a level acceptable to the majority of the company’s shareholders,” and its shares more than doubled.

At 0807 GMT, Innovation shares were trading at 8 pence on the London Stock Exchange, up from Tuesday’s close of 3.45 pence. Noting recent press speculation, the company confirmed that it had received a number of preliminary approaches including an indicative cash offer in the range of 15 to 20 pence per share and a significant investment stake proposal.

On Dec. 3 the group, which provides outsourcing to the global insurance industry, posted a pretax loss of 3.8 million pounds ($5.8 million) for the year to Sept. 30, compared with a profit 10.4 million pounds a year earlier. ($1=.6537 Pound) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Mike Miller)

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