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IBEX Global Solutions Offer For Resource Group Declared Unconditional

Fri, 25th Nov 2016 10:07

LONDON (Alliance News) - The Resource Group International Ltd on Friday said its wholly-owned subsidiary India Bidco Ltd has received valid acceptances in respect of 92% of shares ahead of its takeover of IBEX Global Solutions PLC.

This means the offer is now unconditional in all respects.

Resource Group, which invests in the outsourcing sector, made a GBP44.3 million offer for back-office outsourcer IBEX last month. It said at the time that if the offer received acceptances of 90% or more, it would invoke its right to compulsorily acquire the remainder.

In a separate statement, IBEX said on Tuesday it has applied to the London Stock Exchange for the cancellation of its shares on AIM. It expects this to occur on December 2.

Shares in IBEX were untraded on Friday, last quoted at 111.46 pence.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews