IQGeo Group PLC (GB:IQG) has released an update.
IQGeo Group PLC has announced a recommended cash acquisition by Geologist Bidco Limited, a company backed by KKR funds, to take over the entire issued and to be issued share capital of IQGeo. Following the initial announcement, Charles Stanley & Co Ltd has reduced its holdings in IQGeo, which are subject to a letter of intent, from approximately 9.93% to 7.57% of the company’s issued ordinary share capital. The acquisition, which has garnered about 55.85% of IQGeo shares under irrevocable undertakings or non-binding letters of intent, is proceeding via a Court-sanctioned scheme of arrangement.
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