The commercialisation firm has secured the approval of more than 90% of shareholders required to force a hostile takeover of Touchstone Innovations.

UK-based commercialisation firm IP Group yesterday revealed it has secured the approval of shareholders holding a 90.1% stake between them in peer Touchstone Innovations, according to Alliance News.

The figure means IP Group has broken through the 90% threshold required to force a hostile takeover of Touchstone Innovations, the commercialisation firm spun out from Imperial College London, and compulsorily purchase the remaining stake.

Imperial College previously said it was in favour of the deal, choosing to side against Touchstone’s board of directors. IP Group is offering £490m ($630m) for the transaction, though Touchstone’s board and chairman have publicly stated the offer undervalues the firm.

Following closure of the deal, Touchstone’s shareholders would hold some 34% in the combined group and IP Group’s shareholders would hold the remaining 66%.

The takeover is made possible primarily because the two firms share several large stakeholders, such as Woodford Investment Management and Invesco Asset Management.

The UK Competition & Markets Authority launched its investigation into the deal yesterday, with a decision expected on October 24.

Both IP Group’s and Touchstone Innovations’ shares suffered a drop yesterday.