David Newlands, chairman of Touchstone Innovations, the commercialisation firm spun out of Imperial College London (ICL), yesterday wrote to shareholders further explaining the board’s decision to reject the approach from rival IP Group.
Newlands noted IP Group’s announcement of a firm intention on June 20, which confirmed the support of Touchstone’s three biggest shareholders – Invesco Asset Management, Woodford Investment Management and Lansdowne Developed Markets Master Fund – which together own 74.3% of Touchstone and 50% of IP Group.
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