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LONDON - Regent Acquisitions 2025 Limited announced Friday it intends to let its own takeover offer for Inspired PLC lapse and instead accept a higher competing bid from Intrepid Bidco, a vehicle backed by private equity firm HGGC.
Regent, which currently holds approximately 29.36% of Inspired’s shares, said it would invoke the acceptance condition of its 68.5 pence per share cash offer if it doesn’t receive sufficient acceptances by August 8, allowing the offer to lapse.
The company has submitted a conditional letter of intent to accept Intrepid Bidco’s recommended cash offer of 81 pence per share, which represents an 18.2% premium to Regent’s bid. Intrepid Bidco’s offer was announced on June 26 and received the recommendation of Inspired’s board.
Regent CEO Deep Valecha said the company’s initial offer had "acted as a catalyst in driving a meaningful revaluation" of Inspired, noting the bid represented a significant increase from Inspired’s 12-month low of 34 pence in November 2024.
"While Inspired has made progress to date, we increasingly share HGGC’s view that further strategic focus and sustained investment are needed to fully unlock its long-term potential," Valecha said, according to the press release.
Regent’s offer, announced on April 22, has received valid acceptances for only 0.31% of Inspired’s shares. The company said it would also accept Intrepid Bidco’s proposals regarding the Inspired Warrants and Convertible Loan Notes held by Regent’s wider group.
The competing offers have been operating under a timetable set by the UK Takeover Panel, with September 9 established as the unconditional date for both bids.
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