FinTechFunding

ICS Global: Advises shareholders to knock back DWY takeover

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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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