IQGeo Group PLC (GB:IQG) has released an update.
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IQGeo Group PLC has been slated for acquisition by Geologist Bidco Limited, a company backed by funds advised by KKR, through a cash offer for all issued shares, to be executed via a court-sanctioned scheme of arrangement. Following an initial agreement, Charles Stanley & Co Ltd’s letter of intent to support the buyout has been partially withdrawn due to the sale of a significant portion of their shares, leaving them with a reduced stake of approximately 5.68%. This development impacts the overall support for the acquisition, which now stands at about 53.94% of IQGeo’s issued share capital.
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