IN BRIEF: CFE offer for CIP unconditional but board still opposes

CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA declares takeover offer for CIP wholly unconditional in all respects as it owns or has acceptances for 53.6% of CIP's shares, exceeding the offer condition of 50%. The CIP board on Friday continues to recommend shareholders reject the offer, saying the 60 pence per share on offer undervalues the company's investment portfolio. Notes the 53.6% of shares controlled by CFE is not sufficient for CFE to unilaterally seek cancellation of the shares from AIM. CFE on Thursday said that if it reaches 75% acceptances for its offer, it will ask for CIP Merchant Capital shares to be delisted. Once it reaches 90%, it will pursue a compulsory acquisition of remaining shares. The offer remains open until April 15.

CIP Merchant current stock price: 60.00 pence

12-month change: up 13%

By Tom Waite; thomaslwaite@alliancenews.com

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