Intellectual property law firm IPH (ASX:IPH)
has purchased a 19.9 per cent stake in Xenith IP Group and intends to seek discussions with Xenith (ASX:XIP)
and QANTM intellectual property (ASX:QIP)
about a potential merger.
The company paid $1.85 per share for the stake.
IPH has indicated that it does not intend to vote its newly acquired shareholding in Xenith in favour of the proposed merger.
In November last year, QANTM previously engaged with IPH in relation to an indicative, conditional and nonbinding proposal by IPH to acquire QANTM.
The QANTM Board remains convinced of the benefits of and supports the proposed merger.
Shares in IPH (ASX:IPH)
closed 2.19 per cent higher to $6.08 yesterday.