ICS Global Advises shareholders to knock back DWY takeover
- ICS Global (ICS) asks shareholders to reject an off-market takeover bid by Dawney & Co’s subsidiary, DWY
- ICS says the offer of 20 cents each “materially undervalues” ICS shares and would see the company only receive $2.12 million
- ICS currently has a cash balance of $3.35 million, which would require shares to be sold at a minimum of 32 cents each to match the price
- The company says the “opportunistic” offer is taking “advantage” of its suspension from trading, a position its been in since June 21, 2021
- ICS shares last traded at 57.5 cents
