wordpress blog stats
Connect with us

Hi, what are you looking for?

,

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 Offer, amounting to approximately 28.56 per cent”. Perhaps the potential of a counter offer, and 6.8% more at GBP 1.5, instead of IMI Mobile’s offer of GBP 1.41, has tempted some investors.

The Offer from IMImobile Europe is conditional to the company owning shares amounting to at least 50% of voting rights. If it reaches 75%, IMImobile intends to delist WIN Plc.

More details in our previous coverage:
July 20th: Update: IMI Mobile Bid For WIN Plc Faces 6.4% Higher Counter Offer From ECI Partners
Jun 26th: WIN PLC Board Recommends IMI Mobile’s Cash Offer To Shareholders; Why This Deal
Jun 10th: WIN’s Largest Shareholder Says IMI Mobile’s Bid Undervalues Co
May 3rd: IMI Mobile In Talks To Acquire UKs WIN Plc At GBP 1.41 Per Share

Advertisement. Scroll to continue reading.

*Disclosure: IMI Mobile is an advertiser with MediaNama

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.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ