March 11, 2019 / 11:04 PM / 6 months ago

Australia's IPH makes $124 mln bid for smaller peer Xenith

March 12 (Reuters) - Intellectual property services provider IPH Ltd on Tuesday offered to buy smaller rival Xenith Ip Group for about A$174.8 million ($123.64 million).

IPH said it was offering A$1.97 in cash and equity for each share in Xenith. The offer represents a premium of about 23 percent to Xenith’s last close.

Xenith is in the process of merging with peer QANTM Intellectual Property Ltd. QANTM made an all-equity bid for the company in November 2018 and offered 1.22 of its shares for each share in Xenith.

IPH, which had acquired a nearly 20 percent interest in Xenith last month, said its proposal was superior to QANTM’s, and that it planned to vote against the proposal. ($1 = 1.4138 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Cynthia Osterman)

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