Green light for Phoenix ICM bid

Following the lapse of the Fawkes ICM management buy out team offer to acquire the company, the independent directors of ICM are now recommending the offer made for the company by Phoenix and intend to accept this offer in respect of their own shareholdings in ICM.

After the above announcement, made on Wednesday 9th May, Phoenix made its own announcement in which it said that it was ‘pleased to have received the recommendation’.

The closing date for Phoenix’s offer is 3.00pm on 25 May 2007 and this will be followed by an Extraordinary General Meeting at which approval will be sought from Phoenix shareholders for the acquisition.

•Date: 11th May 2007 • Region: UK •Type: Article •Topic: BC markets
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