Phoenix shareholders say yes to ICM bid

Thunderbirds are go?

By Kelly Fiveash • Get more from this author

Posted in IT Channel, 25th May 2007 14:24 GMT

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Phoenix shareholders have given the proposed acquisition of ICM Computer Group an enthusiastic thumbs up.

All resolutions were passed by the firm's shareholders.

The total number of votes cast was 45,478,689 on three resolutions, of which less than one per cent objected to the take-over of the business continuity firm.

Earlier this month, Phoenix confirmed it had placed an offer on the table of £107.8m to purchase ICM, effectively brushing aside any chance of a bidding war.

Fawkes had touted a smaller sum to acquire the firm only to later withdraw its offer.

With comprehensive backing from its shareholders, Phoenix will be looking to close the deal soon.

ICM shares are currently trading at 510 pence per share, up 2.25 per cent on the London Stock Exchange. ®

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