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By | Kelly Fiveash 11th May 2007 10:08

Phoenix closes in on ICM

New offer rises from Fawkes' ashes

Managed services firm Phoenix IT said it has given the nod of approval to the ICM's recommendation for an increased offer with a new figure which smashes the £100m mark.

A bidding war had kicked off for the business continuity firm after Fawkes threw a tantalising offer into the mix a few weeks ago.

But last week Fawkes confirmed that it would let its ICM bid lapse, effectively ending the bidding war.

Phoenix reckons it's now almost a done deal with ICM and said it had "received irrevocable undertakings and non-binding letters" from the firm to accept £107.8m, or 505 pence per share - a significant increase of £13.5m on its previous offer.

It said an "extraordinary [sic] general meeting" will be held and that as of 25 April Phoenix already had the backing of 62.1 per cent of shareholders for the proposed deal.

The first closing date for the offer is 25 May.

ICM shares are currently trading at 500.5 pence per share, down 0.74 per cent on the London Stock Exchange. ®

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