Phoenix flies higher with ICM bid

Phoenix IT has jacked up its offer for business continuity firm ICM from 415 pence to 441.5 pence, further fuelling the bidding war for the firm.

The offer, comprising 342.5 pence and 0.6176 of a new Phoenix share for each ICM share, values ICM at £94.3m in total.

Phoenix’s bid come a day after Fawkes, which is partly a vehicle for ICM’s management, hiked its own bid for the firm to around £92.4m.

Fawkes today said it had noted Phoenix’ increased offer, was considering its response and would make an announcement in due “course”.

Which is just the sort of response we like. The world of IT services has a tendency to be rather grey, and there’s nothing like an honest to goodness bidding war to liven things up.

ICM’s shares today closed at 450.5 pence, suggesting that the City expects bidding to go higher. Or that someone got a bit carried away.®