The Competition & Markets Authority decision has allowed IP Group to confirm that its offer will become unconditional on November 9.

The acquisition of Touchstone Innovations, the UK-based commercialisation firm spun out from Imperial College London, by its peer IP Group has been cleared by UK regulator, Competition & Markets Authority (CMA).

CMA decided against proceeding to the more in-depth phase 2 of its investigation after the regulator had consulted on whether the tie-up would trigger merger control clauses under UK law.

IP Group has made an all-share offer worth approximately £490m ($646.6m) for Touchstone which would give Touchstone and IP Group shareholders, respectively, around 34% and 66% of the new entity.

The CMA’s decision means IP Group can now resume its acquisition schedule.

IP Group said the deadline for any revised offer for Touchstone shares will now fall on October 26, before the bid becomes unconditional on November 9.

Shareholders in Touchstone have until October 27 to accept the £2.661 ($3.53) per share bid. IP Group already holds firm or provisional approvals to buy 97% of Touchstone shares, enough to launch a hostile takeover if Touchstone’s board continues to refuse the deal.

The merger would combine Touchstone’s assets, which include spinouts from universities in London, Cambridge and Oxford, with IP Group’s portfolio, but Touchstone’s board of directors has continued to insist that the offer undervalues the firm.