IP Group suitor Railpen in new tilt after talks with investors, board
IP Group PLC suitor Railways Pension Trustee Co Ltd said Friday it has made a sweetened proposal to acquire the investor in the science and technology sectors, following meetings with shareholders.
Railpen said it "spent a significant amount of time meeting with shareholders and the IP Group board".
It said it made two new proposals to the IP board. Railpen owns 18% of IP.
Its newest bid is for 61 pence per share in cash for each IP Group share, a pro rata share of the firm's stake in Oxford Nanopore Technologies PLC, valued at 10.6p per share, and a contingent value right of up to 11.3p per IP share. The contingent right is linked to IP's interest in biopharmaceutical firm Metsera as at the end of 2029, or earlier should it be disposed of.
Overall, the offer values IP shares at 82.9 pence each including the contingent right, around £752 million overall.
IP shares fell 0.3% to 64.60p each in London on Friday, for a £570.7 million market capitalisation.
"Under the terms of the improved proposal, Railpen would work with the company to assess the mechanism by which IP Group shareholders would realise the value of their indirect stake in ONT most efficiently, with a view to minimising the costs and expenses associated with this offer structure," Railpen added.
IP Group in June rejected a prior Railpen proposal. Under that bid, IP shareholders would have been entitled to 59.0p in cash per share; the indirect value of its Oxford Nanopore Technologies PLC stake through a dividend in specie; and a contingent value right of up to 5p per share. That contingent right was related to biotechnology company Istesso, however, not Metsera.
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