International Personal Finance receives improved takeover proposal

(Alliance News) - International Personal Finance PLC on Wednesday said it has received a higher takeover proposal from BasePoint Capital LLC and would be prepared to recommend it to shareholders if a firm offer is made.

The provider of credit products and insurance services said the revised proposal would see shareholders receive 235 pence per share in cash, up 6.8% from the 220p per share floated by BasePoint in July. Investors also will remain entitled to the interim dividend of 3.8p per share declared in July and due to be paid this Friday.

Shares in International Personal Finance were up 8.0% to 215.00p on Wednesday at midday in London after the announcement was released.

IPF's board said it had considered the revised offer and "would be minded" to recommend it unanimously, subject to the agreement of other terms and conditions,

BasePoint has completed due diligence but the possible deal remains subject to customary pre-conditions, including approval by its board. With consent from the takeover panel, the deadline for BasePoint to either announce a firm intention to bid or to walk away has been extended to October 22.

The company cautioned that there can be no certainty a firm offer will be made or on what terms.

By Eva Castanedo, Alliance News reporter

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