Specialised Finance | London, UK | Corporate Acquisition
IP Group has increased its offer for Touchstone Innovations (LON: IVO) to £3.04 per share, valuing the business at £490 million. The bid has now received almost 90% of shareholder backing after Imperial College, which holds 15.3%, signalled its support for the offer. Touchstone rebuffed a previous £466 million bid in June due to concerns over value and people. The company's shares closed up more than 6% on Tuesday.