WIN plc is in discussions with IMImobile which may lead to a recommended cash offer by IMI for the company at a proposed price of 141p per WIN ordinary share.
IMI already owns 250,000 WIN ordinary shares through a wholly-owned subsidiary, representing approximately 2.37% of WIN’s issued share capital. IMI has now procured an irrevocable undertaking from AXA IM UK in respect of its holding of 1,955,000 WIN ordinary shares (representing approximately 18.56% of WIN’s issued ordinary share capital) to accept an offer by IMI for WIN, should it be made, at 141p per WIN ordinary shares.
The AXA Irrevocable will cease to be binding in the event that an offer is not announced before 30 June 2010 or a third party makes a higher offer for the company (provided that the value of the consideration represents an improvement of at least 5 per cent in the value of the consideration under the Potential Offer).
WIN adds that the Potential Offer is at an early stage and is subject to a number of pre-condition, and that there can be no certainty that the Potential Offer will be made, even if due diligence is completed satisfactorily.
IMI already owns 250,000 WIN ordinary shares through a wholly-owned subsidiary, representing approximately 2.37% of WIN’s issued share capital. IMI has now procured an irrevocable undertaking from AXA IM UK in respect of its holding of 1,955,000 WIN ordinary shares (representing approximately 18.56% of WIN’s issued ordinary share capital) to accept an offer by IMI for WIN, should it be made, at 141p per WIN ordinary shares.
The AXA Irrevocable will cease to be binding in the event that an offer is not announced before 30 June 2010 or a third party makes a higher offer for the company (provided that the value of the consideration represents an improvement of at least 5 per cent in the value of the consideration under the Potential Offer).
WIN adds that the Potential Offer is at an early stage and is subject to a number of pre-condition, and that there can be no certainty that the Potential Offer will be made, even if due diligence is completed satisfactorily.
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