MBO team’s offer for ICM lapses

The prospect of Phoenix acquiring ICM has moved a step closer with an announcement that Fawkes Limited, the company set up by a management buy out team to acquire ICM, has allowed its offer for ICM to lapse.

In its announcement Fawkes stated that it did not receive sufficient shareholder acceptances of its final offer for ICM by the deadline date. The Fawkes offer has now lapsed and shareholders which accepted the offer are no longer bound by the acceptance.

At the time of writing Phoenix has yet to respond.

•Date: 9th May 2007 • Region: UK •Type: Article •Topic: BC markets
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