Following Phoenix’s proposed offer to acquire ICM (see previous news story), ICM has issued a statement regarding a recommended cash offer being made for ICM by Fawkes Limited, a vehicle established by members of the ICM management team to conduct a management buy out of the company.

The statement says that the independent directors of ICM and the board of Fawkes have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of ICM. The offer will be made on the basis of 401.5 pence in cash for each ICM share and values the entire existing issued share capital of ICM at approximately £85.7 million.

ICM’s independent directors, who have been so advised by Close Brothers, “consider the terms of the offer to be fair and reasonable” and that “the terms of the offer are in the best interests of ICM shareholders as a whole.” [Read the full statement]

Phoenix IT responded with a further statement, saying that it “believes that its proposal would offer investors in ICM the opportunity to realise their investment in ICM at a more attractive valuation. In addition, the Phoenix proposal would offer investors the opportunity to participate in the further expected growth of the enlarged group.”

Netstore, a previous ICM suitor, also issued a statement, saying that “The board of Netstore confirms that it no longer intends to make an offer for ICM.”

•Date: 19th March 2007 • Region: UK •Type: Article •Topic: BC markets
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