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IMImobile Europe increases WIN offer

By BFN News | 03:59 PM | Monday 26 July, 2010

IMImobile Europe has increased its recommend cash offer for WIN to 150p per share. The increased offer values the entire issued share capital of WIN at £15.80m and the entire issued and to be issued ordinary share capital of WIN at £16.95m. This assumes the exercise of all outstanding options which carry an exercise price of less than 150p. The increased offer represents a premium of approximately 51.5% to the closing price of 99.0p on 29 April, the last business day prior to the announcement by WIN that it was in discussions with IMImobile. WIN shareholders who accepted the original offer are deemed to be acceptances of the increased offer. On Friday, IMImobile Europe was the owner of or had received valid acceptances in respect of a total of 5,048,029 WIN shares - 47.92% of the issued share capital. IMImobile chief executive Vishwanath Alluri said: "We believe that the increased offer represents a compelling valuation for the business and the full strategic value of the acquisition to IMImobile. "We believe that the combination will enable WIN to deliver a broader and enhanced proposition to its customers as well as creating opportunities for employees." Story provided by

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