IMImobile to acquire stake in UK's WIN Plc

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Posted on - Tuesday, July 27, 2010 By VARIndia Correspondent

IMImobile has proposed to acquire additional shares in UK-based mobile applications company WIN Plc. The time frame given is August 4, 2010, though the earlier deadline was 21 July and now referred to as the first closing date.

IMImobile has also said that it is the beneficial owner of or has received valid acceptances for a 41.99% stake in WIN Plc. 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.

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.

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 as IMI's offer 141 pence per share “would substantially undervalue the company."

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