IP Group has formally declined a takeover proposal from Railpen valued at about
IP Group said the latest approach from Railpen - which holds an 18.38% stake and is based in London - valued the company at approximately
Railpen, which manages more than
What Railpen offered
- 59 pence per share in cash.
- A distribution of IP Groups stake in Oxford Nanopore.
- A contingent value right of up to 5 pence per share tied to a possible sale of IP Groups Istesso holding.
IP Groups board said it unanimously rejected the proposal. The company noted the approach followed three prior approaches from Railpen.
When excluding the contingent value right, the structure equates to roughly 69.4 pence per share, which is about a 6.7% premium to IP Groups last closing price. That arithmetic, however, stands well below the companys stated net asset value of 110.4 pence per share as of December 31, 2025 - a difference amounting to a 37.2% discount to NAV under the terms proposed.
The parties involved have not disclosed further details beyond the offer components and the boards decision. The information available indicates that Railpen, which holds an 18.38% stake, presented multiple approaches before the latest formal proposal and that IP Groups directors judged the bid to fall short of reflecting the company's stated net asset value.
Market participants and stakeholders will be watching to see whether further engagement follows, but as of the boards announcement the proposal has been declined.