The long-running acquisition activity linked to ICM, the UK-based business continuity company, has continued this week.

Fawkes Limited, a company set up by a management buy-out team to acquire ICM has increased its offer price from 401.5 pence per ICM share to 433 pence. This followed discussions between the independent directors of ICM and Phoenix IT Group plc and its advisers in relation to its intentions with regard to making a proposal to acquire ICM.

The increased offer values the entire existing issued share capital of ICM at approximately £92.4 million. [Read the full regulatory announcement]

Following Fawkes’s increased offer, Phoenix IT Group plc issued a statement saying that the company continues to be ‘actively interested in the ICM opportunity’ and ‘is considering its position in light of Fawkes' increased offer.’

•Date: 30th March 2007 • Region: UK •Type: Article •Topic: BC markets
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