MBO team increases its offer for ICM

Fawkes Limited, the vehicle set up to conduct a management buy out of ICM Computer Group, has issued a statement saying that it has increased its offer for the company to 490 pence per share. Phoenix IT, the other suitor seeking to acquire ICM, reacted to the Fawkes statement by saying that it “is currently considering its position and will make a further announcement in due course.”

Fawkes stated (verbatim):

“On 16 March 2007, the Independent Directors of ICM and the Board of Fawkes announced that they had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of ICM at an offer price of 401.5 pence per ICM Share.

“The Original Offer announcement was followed, on 27 March 2007, by the announcement by Fawkes of a recommended increased cash offer for the entire issued and to be issued share capital of ICM at an offer price of 433 pence per ICM Share. Subsequent to that announcement, Phoenix announced, on 28 March 2007, a cash and share offer for the entire issued and to be issued share capital of ICM. Under the terms of the Phoenix Offer, ICM Shareholders would be entitled to receive 230 pence in cash and 0.6176 shares in Phoenix per ICM Share, which equated to a headline offer price, at that date, of 441.5 pence per ICM Share.

“Following the announcement on 28 March 2007 of the Phoenix Offer, Fawkes has held further discussions with the Independent Directors of ICM and their advisers. As a result of these discussions, the Board of Fawkes and the Independent Directors of ICM are pleased to announce that they have reached agreement on the terms of a recommended, further increased and final cash offer for the entire issued and to be issued share capital of ICM not already owned by Fawkes.

"Under the terms of the Increased Final Offer, ICM Shareholders will be entitled to receive: for each ICM Share 490 pence in cash."

Read the full regulatory statement

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