IWP International has received acceptances, or promises to accept, from shareholders representing 43.06 per cent of Jeyes Group. It announced an agreed £60 million bid for Jeyes last week and the formal offer document is expected to be launched in about 10 days time.

IWP has already purchased two million Jeyes shares, representing 9.76 per cent of the group. It has also received irrevocable commitments to accept the offer from shareholders representing 2.9 million shares, representing 14.16 per cent of Jeyes. In the event of a higher offer, these commitments would lapse. In addition, Jeyes has now received a letter of intent in respect of 3.9 million shares representing 19.14 per cent of Jeyes. This commitment has come from institutional shareholders.

Jeyes has operations in Britain and Germany which manufacture a number of well-known household products such as Jeyes Fluid, Parazone and Bloo toilet flush. It has five manufacturing plants, all of which will not be retained. IWP offered 50 new IWP shares for every 73 Jeyes shares, or the equivalent of 250p sterling for each Jeyes share. That represented a 54 per cent premium over the Jeyes share price before the takeover announcement. IWP is also to make available £16.2 million in either cash or loan notes as an alternative to the share offer.