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CIP Merchant Capital Ltd - Guernsey-based investment company - Corporation Financiere Europeenne SA says it is on the verge of owning or receiving offer acceptances for 53.9% of CIP Merchant Capital's shares. CFE's takeover offer is expected to become unconditional on Thursday, as it had a 50% acceptance condition. CIP Merchant Capital earlier in March had labelled the bid as ‘hostile’. It said the 60 pence per share offer, worth £33 million in total, was ‘similarly unattractive’ to a previous 55p tilt. CFE had said its 60p offer was final, and it had an acceptance deadline of Friday. CFE says that if it reaches 75% acceptances for its offer, it will ask for CIP Merchant Capital shares to be delisted from AIM. Once it reaches 90%, it will pursue a compulsory acquisition of remaining shares.
CIP Merchant current stock price: 60.00, down 1.2% on Thursday
12-month change: up 14%
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