Touchstone Innovations has doubled down in its efforts to prevent a hostile takeover by rival IP Group, saying the updated offer continues to undervalue the firm.
The board of Touchstone Innovations, the commercialisation firm spun out of Imperial College London, has reinforced its view that its competitor IP Group’s acquisition offer undervalues the firm, the Telegraph wrote on Monday.
The affirmation that Touchstone’s board remains against a takeover follows IP Group’s decision to up the offer to £490m ($640m) in July from the original £466m.
That offer continued to fall short of Touchstone’s net assets, the value of which stood at £502.2m as of…
