London, Feb 7, 2026, 09:02 GMT — The market is closed.
- Idox wrapped up Friday at 71.0 pence, gaining 0.3%. That’s just shy of the 71.5p cash offer.
- Bidder disclosures reflected almost 50% total backing through a mix of undertakings, letters of intent, and their current holding, with valid acceptances accounting for another 19%.
- March 16 marks the next key date, as the offer hits “Day 60” on the timetable.
Idox finished Friday at 71.0 pence, inching up 0.28%. The stock ticked higher as the suitor for its 71.5 pence-per-share cash bid revealed new endorsements from shareholders along with some early acceptances. 1
Those numbers have real weight at this stage—with the deal not yet unconditional, Frankel UK Bidco still needs to secure more than 50% of voting rights under UK takeover rules. Day to day, the market is pricing in how likely that outcome is.
Idox, the AIM-listed software firm, has sat in “offer period” mode ever since last year’s bid came out. On Monday, attention turns to that tight spread between the share price and the offer—plus any shift as holders convert promises into actual signed acceptances.
Frankel reported that irrevocable undertakings and non-binding letters of intent now account for 170.5 million shares, roughly 36.93% of Idox’s issued share capital, while Long Path’s 12.32% stake brings “aggregate support” to about 49.26%. The latest figures reflect a shifting landscape: some investors pared back after selling shares, but others have increased their stated holdings. 2
The separate “day 21” update logged valid acceptances for 88.3 million shares—19.12%—as of 4:30 p.m. London time on Feb. 5. Frankel at that stage said roughly 25.34% could be counted toward the acceptance condition. He’s holding firm: the offer hinges on gaining control of over 50% of Idox’s voting rights. The bid is set to close at 1 p.m. London time on March 16 unless it’s extended. Frankel also repeated that if they hit 75% after the offer goes unconditional, Idox shares would be delisted from AIM. Hit 90%, and a compulsory acquisition of the remainder is on the table. 3
Idox wrapped up the week trading just under the cash offer by about half a penny—a minor discount that typically signals timing or paperwork risk, plus a faint chance the deal falls through or gets tweaked. Friday saw brisk volumes, highlighting how closely Idox shares are hugging the bid.
More dealings surfaced. Peel Hunt, acting as Idox’s joint adviser and broker, logged client trades on Feb. 5: 76,051 shares bought, 21,887 sold, according to a Takeover Code Form 8.5 disclosure. 4
Octopus Investments, which holds roughly 14.60% of Idox, said it sold 137,668 shares at 70.85 pence, according to a Form 8.3 filed Feb. 6. 5
Still, headline support numbers can mislead. Letters of intent? Not binding. Even those so-called “irrevocable” commitments often include outs if a rival bid comes in higher. And as of day 21, the acceptance count hadn’t reached a majority.
This week looks set to be a slow trickle—fresh acceptance updates, more disclosures under the Takeover Code, and the usual scan for clues on whether Frankel is edging closer to its target threshold. Mark March 16: that’s day 60 on the offer clock, and it’s the one solid date to watch.
