Feeds

Concentric buys ITG for £146 million

Murray hives off non-core interests into new company

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

Internet Technology Group, the AIM-listed ISP chaired by PC World founder Jan Murray, has agreed to a £146 million cash and share offer for the company from Californian ISP Concentric Networks. The terms represent, in the tortuous language of Stock Exchange-approved announcement, a premium of 5.2 per cent on the mid-market price of 240.5p at close of business on the last trading day before the offer announcement. More to the point, the offer is 62.1 per cent higher than 16 August, when rumours of ITG's impending takeover hit the streets. And there is opportunity for Murray and co to create even further value for shareholders. As part of the deal, Murray is sponsoring a new company, called Red Wave, which will take on ITG's "non-core" interests. Presumably, this centres around ITG's licensing deal with Wave, the micropayments-on-a-chip company, that maybe, just maybe, could make gazillions. ITG shareholders and warrantholder will have the right to subscribe for shares in Red Wave on a pro rata basis. Murray and his fellow directors have committed their ITGshares, accounting for 26 per cent of the company, to Concentric. Of course, there is always the possibility that other shareholders could vote against the deal. But then Elvis Presley could be found on safe and well on the moon. ® Tune into Cash Register and turn on to our daily Net Finance News

Internet Security Threat Report 2014

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Internet Security Threat Report 2014
An overview and analysis of the year in global threat activity: identify, analyze, and provide commentary on emerging trends in the dynamic threat landscape.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.