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LKSD - M&A Updates: IPH Has Increased Their Offer For Xenith And Bidding War Is Unlikely
LSC Communications
IPH - Xenith IP
Spread: 13%
This is a potential IP services industry consolidation in Australia. The situation involves three companies - Qantm (QIP), Xenith (XIP) and IPH (IPH), which are also the only listed companies of this industry. Initially, Xenith (target company) planned to combine with Qantm for a consideration of 1.22 QIP/XIP share, but last month IPH has made a competing offer priced at A$1.28 + 0.1056 IPH. Qantm stock has dropped 18% after the announcement and IPH’s offer value became considerably superior in terms nominal value,