IFX (UK) Ltd, (“IFX Payments”) today issued a statement regarding the recommended cash acquisition of Argentex Group PLC.
IFX Payments confirmed that, in line with its earlier announcement, it has invoked the Insolvency Condition.
This happens a couple of weeks after the appointment of administrators to Argentex Group PLC and Argentex Technologies Limited.
IFX Payments has, in accordance with Rule 13.5(a) of the Takeover Code, invoked Condition 3(l)(xii) to its offer, as set out in Part A of Part III of the Scheme Document. Accordingly, the acquisition has now lapsed.
