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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Innovation Group PLC    TIG   GB0006872096

INNOVATION GROUP PLC

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Carlyle : in talks on 500 million pound takeover of Innovation Group

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08/28/2015 | 06:57am EST

LONDON (Reuters) - U.S. private equity firm Carlyle (>> The Carlyle Group LP) is in advanced talks about buying Innovation Group (>> Innovation Group PLC) for 40 pence a share in cash, valuing its equity at almost 500 million pounds ($769 million), the British software company said on Friday.

LONDON (Reuters) - U.S. private equity firm Carlyle (>> The Carlyle Group LP) is in advanced talks about buying Innovation Group (>> Innovation Group PLC) for 40 pence a share in cash, valuing its equity at almost 500 million pounds ($769 million), the British software company said on Friday.

Innovation, which provides software and services to help insurers process claims, said the talks may or may not lead to a deal.

Shares in Innovation Group, which have risen by 18 percent in the last 12 months, were trading 6 percent higher at 37.5 pence at 1029 GMT.

Under takeover rules, Carlyle has until Sept. 25 to make a firm offer for Innovation or announce it does not intend to make an offer.

Innovation Group is being advised by Investec.

(Reporting by Paul Sandle; editing by Jason Neely)

Stocks treated in this article : Innovation Group PLC, The Carlyle Group LP
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Managers
NameTitle
Timothy Philip Griffiths Group Chief Executive Officer & Director
Andries van Staden Chief Operating Officer
Alasdair Marnoch Director
Paul A. Nichols President-Worldwide Insurer Business
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