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Updated: IMI Mobile Raises Offer For WIN Plc To GBP 1.5

IMI Mobile has raised the offer for WIN Plc to GBP 1.5 per share, which values the issued share capital of WIN Plc at GBP 15.80 million and the issued and to be issued ordinary share capital of WIN at approximately GBP 16.95 million. This offer - 51.5 percent higher than the closing price of GBP 0.99 per WIN Share on 29th April 2010 - matches the price that ECI & MIG were considering offering to WIN shareholders. So it looks like the threat of a counter offer has made IMI Mobile up the bid. It's worth noting that IMImobile Europe picked up 600,000 shares at this price on 23rd July, and currently owns 9.55% in the company. Including acceptances from WIN shareholders, its holding amounts to around 47.92 percent, though it needs to hit 50% for the deal to hold. Earlier: Hyderabad based Mobile VAS company IMImobile* has announced the extention of its cash offer for UK based peer WIN Plc, till August 4th 2010. At, what is now being referred to as, the "First Closing Date of the offer", the company had received valid acceptances amounting to approximately 38.13 per cent of the issued share capital of WIN. IMImobile Europe already owns approximately 3.86 per cent of the issued share capital of WIN. Interestingly, IMImobile has so far received valid acceptances for only approximately 22.87% of shares, even though it had received "irrevocable undertakings and letters of intent to accept, or (where applicable) procure the acceptance of the…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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