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Mobile value added services (VAS) company IMImobile has increased its offer to 150 pence London-listed mobile applications company WIN Plc. The new offer is an increase of 6.4% from IMImobile's earlier offer of 141 pence and values the WIN at £16.95 million or $26.32 million on a post issue basis. The new offer by IMImobile comes in light of a possible counter offer by a UK-based buyout firm for WIN.

IMImobile has also purchased 600,000 WIN Shares at a price of 150 pence from the market, it said last week.

IMImobile already has acceptances of around a 47.92% stake in WIN. The Hyderabad-based firm is making the bid through its unit IMImobile Europe. The deal is being funded through existing cash resources, bank facilities and a loan from Spark Ventures plc.

"We believe that the increased offer represents a compelling valuation for the business and the full strategic value of the acquisition to IMImobile. We believe that the combination will enable WIN to deliver a broader and enhanced proposition to its customers as well as

creating opportunities for employees," said  Vishwanath Alluri, Chief Executive of IMImobile.

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 148 pence a share on the Alternate Investment Market.

ISIS Equity Partners, WIN's largest shareholder with a 19.01% stake, had earlier said that it opposes the deal and IMI's offer 141 pence per share “would substantially undervalue the company."

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