CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA says it is on the verge of owning or receiving offer acceptances for 53.9% of CIP Merchant Capital's shares. CFE's takeover offer is expected to become unconditional on Thursday, as it had a 50% acceptance condition. CIP Merchant Capital earlier in March had labelled the bid as "hostile". It said the 60 pence per share offer, worth GBP33 million in total, was "similarly unattractive" to a previous 55p tilt. CFE had said its 60p offer was final, and it had an acceptance deadline of Friday. CFE says that if it reaches 75% acceptances for its offer, it will ask for CIP Merchant Capital shares to be delisted from AIM. Once it reaches 90%, it will pursue a compulsory acquisition of remaining shares.
CIP Merchant current stock price: 60.00, down 1.2% on Thursday
12-month change: up 14%
By Tom Waite; thomaslwaite@alliancenews.com
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