IP Group rejects improved £752m offer from pension fund manager Railpen

A science and technology investor rejected an improved £752million offer yesterday.

London-based IP Group said it had carefully considered a fresh proposal from its biggest shareholder, the pension fund manager Railpen.

IP Group said it had concluded that the new offer – which had been raised to 61p a share from 59p – ‘continues to significantly undervalue’ the business.

But it said it has extended a ‘put up or shut up’ deadline for Railpen to make a new offer or walk away by Monday.

Shares in IP closed at 64.7p, up 0.2 per cent.