Instem PLC - Staffordshire, England-based provider of IT services to life sciences market - Intends to adjourn the court meeting and the general meeting relating to the Archimed offer. These were scheduled to be held on October 19 and will now take place on November 2. Decision follows the disclosure by Instem today that since August 30, when the Archimed bid was announced, the firm has received approaches from five separate parties which could have led to a competing offer. However, states all parties have now withdrawn their interest. Believes shareholders should be allowed extra time to consider their votes, hence the delay. Stresses the Archimed offer will not lapse as a result of this announcement. Reaffirms view that the Archimed offer ascribes a highly attractive valuation.
Current stock price: 730.00 pence
12-month change: down 1.4%
By Jeremy Cutler, Alliance News reporter
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