UK's Instem soars on cash offer from Ichor Management
30/08/2023 08:19
** Shares of IT solutions provider Instem Plc INS.L up
39.4% at 822.5p; highest since April 2022
** Co reaches agreement for recommended cash offer made by
Ichor Management Ltd for co
** Offer price of 833p in cash per Instem Share is at a 41%
premium to last close of 590p/share
** Proposed deal values entire issued and to-be-issued
ordinary share capital of co at about 203 million pounds
($256.41 million)
** As of last close, stock down 16.9% so far this year
($1 = 0.7917 pounds)
(Reporting by Hani Kollathodi in Bengaluru)
((Hani.Kollathodi@thomsonreuters.com;))