Almost half of Inspired PLC (AIM:INSE) shareholders have opposed Regent Acquisitions' £109 million takeover offer, which the energy advisory specialist says "fundamentally undervalues" the business.
Inspired said that investors controlling 49.15% of its shares had formally signalled they would not accept Regent’s 68.5p-a-share offer, representing only a modest 12% premium to the closing price before the bid.
Gresham House Asset Management, Inspired’s largest shareholder with just under 30% of the company, was first to oppose the bid.
Five other major investors and all of Inspired’s directors have since followed.
The Inspired board had already criticised Regent’s offer as too low and said it failed to reflect the company’s growth prospects.
In a separate statement, Regent warned that Inspired shareholders may struggle to sell their shares at the offer price if the bid falls through.
"The offer provides those Inspired shareholders who want to exit for cash to do so at what Regent believes to be a compelling price," it added.