CMA condition satisfied in IP Group offer for Touchstone

IP Group’s offer for Touchstone Innovations was back on track on Tuesday morning, following a statement from the Competition and Markets Authority confirming that the competition watchdog had decided not to refer the merger to a Phase 2 investigation.

The FTSE 250 company said that as a result, the CMA clearance condition of its offer had now been satisfied.

On 25 August, the offer timetable was frozen by the panel to allow for the CMA Phase 1 review to be conducted within the timetable, IP Group explained.

Day 39 of the offer timetable was extended to the second day after the announcement of the CMA's decision following its Phase 1 review.

“As a result of the statement released today by the CMA, IP Group announces that the offer timetable has now been unfrozen and that ‘Day 39’ of the offer timetable will be 19 October.

“‘Day 46’ - the last date for publication of a revised offer - and ‘Day 60’ - the date by which an offer must become or be declared unconditional as to acceptances - will be 26 October and 9 November respectively.”

IP Group reiterated that, as announced on 9 October, the next closing date of the offer would be 1300 BST on 27 October.