wordpress blog stats
Connect with us

Hi, what are you looking for?

IMI Mobile Acquires WIN Plc With 50.88% Stake; Extends Unconditional Offer Till Aug 25th


Update: IMI Mobile, having acquired 50.88% stake in WIN PLC (9.55% owned and 41.32% in valid acceptances) has made its offer for WIN Plc shares unconditional, and extended its offer until 1.00 p.m. on 25 August 2010. WIN PLC has informed its shareholders that subject to IMImobile Europe becoming the beneficial owner or receiving valid acceptances of at least 75% of the issued share capital of WIN, IMImobile Europe plans to apply to the London Stock Exchange for the cancellation of trading of WIN Shares on AIM.

Update (August 3rd): So it isn’t over in case there’s a counter bid for Bluhone’s 2.07% that is 10% higher than the GBP 1.50 bid from IMI Mobile. Given that ECI is backing out, we’re saying that the deal is done.

Earlier today: Mobile VAS company IMI Mobile* has completed the acquisition of WIN Plc, having received valid acceptances or irrevocable undertakings amounting to 50.26% stake (5,293,393 shares) in the UK based company VAS company. According to a statement released by WIN Plc, IMI Mobile is no longer considering an offer for the whole of the issued and to be issued share capital of WIN. Thus, ECI Partners, which was considering tabling an offer at GBP 1.50, has said that it doesn’t intend to make a competing offer.

However, keep in mind that ECI, in partnership with MIG (which will compete with IMI Mobile in UK) did manage to push IMI Mobile to raise its offer to WIN shareholders from GBP 1.41 to GBP 1.50. The deal for IMI Mobile was clinched when its subsidiary IMImobile Europe received an irrevocable undertaking to accept the Increased Offer from Bluehone Investors LLP for 2.07% of the issued share capital of WIN.

Interestingly, IMI Mobile also hasn’t managed to buy the entire shares for which it had received letters of intent or irrevocable undertakings: undertakings and LOI’s had been received for approximately 28.56 per cent, of which it has received valid acceptances of only those amounting to 22.87 per cent. IMImobile Europe purchased the remaining 600,000 WIN Shares which were subject to such letters of intent on 23 July 2010. In terms of related party buys, the acceptances also include the 9,848 shares owned by IMImobile Europe director Anu Shah, amounting to 0.09 % shares.

No Plans To De-list?

Advertisement. Scroll to continue reading.

Now it’s also worth noting that initially IMI Mobile had announced that they intend to acquire 75% of the shareholding, and de-list AIM listed company, thus also giving WIN Plc shareholders an exit. This volte-face means that WIN Plc is likely to remain listed, with IMI Mobile as a majority shareholder with board control, and yet not shell out more money. We’ve requested IMI Mobile for more information on their plans, and we’re particularly keen on finding out if they intend considering a buyback if the WIN Plc share falls. Why pay a premium for the remaining shares, right?

For more background information, read:

July 27th: Updated: IMI Mobile Raises Offer For WIN Plc To GBP 1.5
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

Disclosure: IMI Mobile is an advertiser with MediaNama

Advertisement. Scroll to continue reading.
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