LONDON (Alliance News) - Private equity firm Carlyle Group on Thursday said that 28.2% of Innovation Group PLC shareholders to date are set to back its GBP499 million takeover offer for the insurance claims technology company.
The news comes one day after NFU Mutual Insurance Society Ltd disposed of 384,210 shares in Innovation Group.
That means the non-binding letter of intent from NFU to vote in favour of the deal is equivalent to about 3.55% of Innovation's shares in issue.
That means Carlyle will have received irrevocable undertakings and non-binding letters of intent to vote in favour of the scheme in respect of about 28.2% of the overall share capital.
Innovation recommended Carlyle's 40 pence per share offer on Friday last week.
Innovation shares were up 0.7% at 39.77 pence on Thursday at about midday in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Team Internet (TIG)