March 12 (Reuters) - Intellectual property services provider IPH Ltd (IPH) on Tuesday offered to buy smaller rival Xenith Ip Group (XIP) for about A$174.8 million ($123.64 million).
IPH said it was offering A$1.97 in cash and equity for each share in Xenith. The offer represents a premium of about 23 percent to Xenith's last close.
Xenith is in the process of merging with peer QANTM Intellectual Property Ltd (QIP) . QANTM made an all-equity bid for the company in November 2018 and offered 1.22 of its shares for each share in Xenith.
IPH, which had acquired a nearly 20 percent interest in Xenith last month, said its proposal was superior to QANTM's, and that it planned to vote against the proposal.
($1 = 1.4138 Australian dollars)
News: IPH Australia's IPH makes $124 mln bid for smaller peer Xenith
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Last
$5.14 |
Change
0.030(0.59%) |
Mkt cap ! $1.578B | |||
| Open | High | Low | Value | Volume |
| $5.13 | $5.20 | $5.11 | $5.986M | 1.163M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 15305 | $5.13 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.14 | 4016 | 2 |
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| IPH (ASX) Chart |
