Who will win over Xenith IP Group? Will it be its perfect match QANTM Intellectual Property or love-at-first-sight IPH Limited? Xenith and QANTM were moving towards a merger which would have resulted in a company approximately the same size as IPH Limited. 

The prospect of this happening became too much for IPH Limited. It made two shocking moves. The first was to ‘stealthily’ acquire almost 20% of the equity in Xenith and aim to vote against the merger with QANTM. When that didn’t look like it would do the job it made a full blown takeover offer for Xenith. 

Xenith’s heart continued to be with QANTM and told IPH that its offer was sub-par. Just like any dramatic love triangle, it did not simply and cleanly end there.

IPH has now increased its offer to Xenith. This has put the Xenith board in a spot. Up until now it had probably wished that IPH would go away and leave it alone. 

As far as ACCC is concerned, it has given its blessing to whatever combination Xenith wants to make, whether with IPH or QANTM.

Now the Xenith board appears to be in a state of flux, issuing the statement below to the ASX: 

… The Updated IPH Proposal constitutes a Competing Proposal as defined in the Scheme Implementation Deed between Xenith and QANTM Intellectual Property Limited (QANTM), dated 26 November 2018. On that basis, QANTM now has 3 Business Days (up to 5pm on Thursday 11 April) to match the terms of the Updated IPH Proposal.