Mobile value added services (VAS) company IMImobile has extended its offer to acquire additional shares in UK-based mobile applications company WIN Plc till August 4, 2010. The earlier deadline was 21 July, which is now referred to as as the first closing date. This comes after the possible counter offer for WIN Plc, which may come at over 150 pence per share against IMImobile’s offer of 141 pence.
IMImobile has also said that it is the beneficial owner of or has received valid acceptances for a 41.99% stake in WIN Plc.
IMImobile earlier said that it has received ‘irrevocable undertakings or letters of intent’ from Win’s directors and shareholders in respect of 28.56% of the company’s shares. These selling shareholders include Axa Investment Managers (18.56%), Henderson Global Investors (5.7%) and Hargreave Hale Ltd (1.96%). IMImobile has till now managed to get ‘valid acceptances’ worth 22.87% stake of WIN from this amount.
The Hyderabad-based mobile VAS firm made an offer for WIN Plc at a valuation of $24 million (£15.93 million or Rs 110 crore) last month. The board of AIM-listed WIN continues to back the offer by IMImobile Europe since there is no formal counter offer, which is subject to due diligence.
UK-based buyout firm ECI Partners announced its plans for a counter offer for London-listed company. The new offer by ECI Partners and digital communications company Mobile Interactive Group (MIG) will be at least 150 pence per ordinary share in cash, a 6.4% premium to the offer of 141 pence made by IMImobile’s Europe arm.
WIN was trading at a price of 145 pence a share on the Alternate Investment Market.
ISIS Equity Partners, WIN’s largest shareholder with a 19.01% stake, has earlier said that it opposes the deal and IMI’s offer 141 pence per share “would substantially undervalue the company.”