May 23, 2017 / 6:10 AM / 2 years ago

BRIEF-IP Group says takeover approach for Touchstone has been turned down

May 23 (Reuters) - Ip Group Plc

* IP Group plc - statement regarding possible offer

* IP Group announces that it recently made an approach to the board of Touchstone regarding a possible combination with Touchstone

* Board of Touchstone rejected proposed combination

* IP Group is also announcing today that it intends to raise gross proceeds of up to 200 million pounds through issue of new Ip Group shares at a price of 140 pence per share pursuant to a firm placing, placing, open offer and offer for subscription

* Combination is not conditional on completion of capital raise and capital raise is not conditional on completion of combination Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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