The board has recommended Touchstone shareholders accept the $641m all-shares offer from commercialisation peer IP Group before Touchstone ceases trading on Aim on December 11.
Touchstone Innovations, the UK-based commercialisation firm acquired by its peer IP Group for approximately £490m ($641m), today confirmed its shares would cease trading on stock market Aim on December 11.
Shareholders have been told to accept the bid –2.2178 IP Group shares per Touchstone share – if they have not yet done so.
The offer became unconditional after IP Group gained firm acceptances for approximately 97% of Touchstone’s share capital in October 2017, enough to mount a hostile takeover.
Touchstone shareholders who accept will receive their IP Group shares, which trade on the London Stock Exchange, earlier than those who wait for the compulsory purchase procedure.
IP Group, priced at £1.44 per share at the time of writing, has said its offer will not close without at least 14 days’ notice.
The merger enhances IP Group’s offering with Touchstone portfolio spinouts from universities in London, Cambridge and Oxford.
Touchstone itself had been spun out from Imperial College London’s commercialisation operation to target tech transfer opportunities from outside its founding university.
