July 18, 2017 / 7:42 AM / 2 years ago

UK's IP Group raises offer for rival Touchstone to 490 million pounds

(Reuters) - IP Group (IPO.L) sweetened its offer for rival intellectual property firm Touchstone Innovations Plc IVO.L to about 490 million pounds, IP Group said on Tuesday, sending Touchstone shares up as much as 8 percent.

The revised all-share offer values each Touchstone share at 304 pence, representing a premium of 11.1 percent to Touchstone’s closing price of 273.63 pence on Monday.

IP Group said it received support for the improved offer from Touchstone shareholders representing about 89.7 percent of Touchstone’s share capital.

IP Group said Touchstone shareholders would receive 2.2178 new shares of IP Group for each Touchstone share, compared with 2.1575 new shares under the pervious offer in June.

Touchstone shareholders would own about 34 percent of the combined company, one percent higher than under IP Group’s previous offer.

Shares of IP Group were down 1.2 percent at 135.3 pence.

($1 = 0.7637 pounds)

Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri

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