Insurance software firm rejects 16p per share offer
UK insurance software firm Innovation Group rejected an unsolicited 16p per share offer from New York outsourcing firm EXL Service Holdings, Reuters reports
Innovation said the approach from EXL was preliminary. Earlier this year Innovation turned down a 15p per share offer from private-equity firm Carlyle Group.
The FT said Innovation shares rose 8.9% to 12¼p after offer.
An RBS note said: "This is supportive for the shares but it all feels a little déjà vu, with the board/shareholders rejecting 15p from private equity earlier in the year."
