Mobile VAS Company IMI Mobile's* bid to acquire a controlling interest in AIM listed WIN Plc has hit a bump, with ISIS Equity Partners, WIN's largest shareholder, saying that the bid of GBP 1.41 per share, which values WIN PLC at GBP 14,850,455, "would substantially undervalue the Company". At the time of filing this report, WIN PLC was trading at GBP 1.15. According to the statement, ISIS owns 19.01 percent stake in WIN, higher than the 18.56 percent owned by AXA IM UK; a December 2009 statement had suggested that AXA was WIN's largest shareholder, followed by ISIS, but that situation appears to have changed since. The decision rests with the WIN Mobile board, but note that IMI Mobile has an irrevocable undertaking from AXA to accept an offer for WIN, should it be made, at GBP 1.41 per WIN ordinary share (or if someone bids 5% higher), which lapses on June 30th 2010. Apparently, IMI had approached ISIS them for a similar undertaking, which ISIS says it declined. ISIS has "encouraged" the WIN board not to accept the offer, but keep in mind that IMI Mobile has 2.37% stake already in WIN, and along with AXA's irrevocable offer, would make it the largest shareholder if the deal goes through without ISIS on board. However, shares in WIN have been acquired recently: Arden Partners now has 1.4% shares in the company, having recently acquired a nominal number of shares at GBP 1.22 per share; Guy Thomas now owns 1.52%, Rathborne Brothers has 1.57%, and…
