Despite getting very limited support from other shareholders when first pitching to take over the company, Cathexis has extended its offer of 143 pence per share until 25th January. ()
In a new appeal to shareholders it said: 鈥淚SG has demonstrated a history of volatile trading, has repeatedly failed to meet expectations and has delivered poor returns to shareholders relative to its peers.鈥� It鈥檚 offer price is therefore reasonable, it said.
It also said that while Cathexis had been a supportive shareholder to date, if its takeover bid failed 鈥渢he provisions of the City Code limit its ability to provide future support鈥�.
However, ISG has repeated that the offer 鈥渇ails to reflect the recent growth and future potential of ISG's core fit out businesses鈥�.
ISG鈥檚 board told shareholders: 鈥淐athexis is an astute investor which has bought its ISG shares at times when the share price has been low and now sees further value in your ISG shares at your expense.鈥�
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