Private equity investor ECI Partners and its prospective co-bidder Mobile Interactive Group conceded this evening that they will not be making a formal offer to acquire AIM listed mobile content technology specialist WIN, following the announcement that the recommended bid from Indian based IMI Mobile had won support from over 50% of shareholders.
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IMI Mobile, the Indian bidder for AIM listed mobile technology content specialist WIN, has been obliged to increase its offer price from 141p to 150p (see IMI extends WIN offer deadline following 42% acceptance). The move followed IMI’s purchase of a parcel of 600,000 shares from Henderson Global Investors at the higher price of 150p last Friday. IMI Mobile said in a further announcement that its formal increased offer document will be despatched to shareholders as soon as practicable.
IMI Mobileâ€™s 141p per share cash takeover bid for the AIM listed mobile technology content specialist WIN had received acceptances from holders of almost 42% of WIN shares by the first closing date of noon today (see IMI Mobile urges WIN shareholders to accept its contested offer by Wednesdayâ€™s deadline) .
IMI Mobile, the listed Indian mobile technology provider that has offered to buy AIM listed WIN at a price of 141p per share in cash, today urged WIN shareholders to accept its offer by this Wednesdayâ€™s deadline despite the possibility of a higher bid.
ECI Partners, the private equity investment group that was recently involved in the collapse of i-level (see Private equity investor secured cost of i-level shares on the groupâ€™s assets), has announced that it is willing to pay 150p per share in cash to acquire the AIM listed mobile content technology specialist WIN and merge it with Mobile Interactive Group (â€śMIGâ€ť), subject to various pre-conditions.