IP on track for Touchstone deal

IP GROUP’S takeover of rival science investor Touchstone Innovations has been all but won after it secured more than 90pc acceptances for its offer, writes Iain Withers.

Although the deal still needs the competition watchdog’s approval next month, the 90pc milestone allows IP to buy out remaining investors, and was passed despite a slide in the value of the all-share offer from £490m when it was tabled in July. IP shares closed up 2.8pc at 115.6p, valuing the offer at £413m.