Private equity firm wants to offer 40p a share for insurance software house
The Innovation Group has confirmed that it is in advanced talks to sell to US private equity house The Carlyle Group for 40p a share.
Based on The Innovation Group’s 1.23 billion shares in issue, Carlyle’s offer, if made, would value the insurance software firm at £491m.
The Innovation Group said the talks may or may not lead to an offer.
Under the rules of the City Takeover Code on Takeovers and Mergers, Carlyle has until 5pm on 25 September to announce a firm intention to make an offer for the Innovation Group or announce that it does not intend to make an offer.