Intellectual property services provider, IPH
(ASX:IPH) has lobbed a takeover bid for Xenith IP Group worth around $174.8 million.
The move comes after IPH snapped up a 19.9 per cent stake in Xenith IP in an after-market raid last month.
The proposal represents a binding offer by way of a scheme of arrangement for a combination of cash and IPH shares valued at $1.97 per Xenith share. A premium of about 23 per cent to Xenith's last close.
Xenith is currently subject to a proposed merger with IPH rival QANTM.
IPH says that its proposal is superior to QANTM's and that it intends to use its stake in Xenith to vote against the merger with Qantm at the upcoming scheme meeting.
IPH also made a play for QANTM last year which was rejected by the board.
Shares in IPH
(ASX:IPH) Shares are trading 2.45 per cent higher to $6.69.
