Intellectual property company, IPH (ASX:IPH) has responded to media reports that it is in talks to buy rival company, Qantm Intellectual Property.
IPH says it has made a number of approaches on the basis of non-binding conditional proposals to combine the companies through a scheme of arrangement.
The most approach was on November 20 when IPH proposed a scheme of arrangement whereby QANTM shareholders would receive an equivalent value of $1.80 per QANTM share.
The proposal was subject to a number of conditions including due diligence.
QANTM has decided not to proceed with this proposal on the basis it did not believe it was likely to be acceptable to shareholders.
IPH says it will keep the market informed of any developments
Shares in IPH (ASX:IPH) are trading 1.67 per cent lower to $5.31