India, June 23 -- IP Group PLC (IPO.L) on Tuesday said it has rejected a fourth takeover approach from Railpen, saying the proposal materially undervalued the company and its future prospects.
IP Group said the latest proposal followed three earlier indicative offers that were also rejected due to concerns over value, structure and deliverability.
Railpen's proposal comprised a cash offer of 59 pence per share, the distribution of IP Group's stake in Oxford Nanopore Technologies through a dividend in specie, and a contingent value right of up to 5 pence per share linked to the potential sale of IP Group's holding in Istesso.
Based on Oxford Nanopore's closing share price on June 22, the proposal implied a value of 69.4 pence per IP Group...