New twist in fight for control of ICM

Phoenix received the backing of 81.4 per cent of shareholders, in excess of the required 75 per cent, prompting it to declare the £107.8 million purchase "unconditional".

Northampton-based Phoenix had been vying for control of Birstall firm ICM after ICM's board attempted to buy out the company. However last month the Phoenix bid topped that of Fawkes, the company set up by ICMs board members to table their takeover bid.

Bosses at Phoenix say their offer to shareholders will remain open until Monday.

If it acquires 90 per cent of the shareholding the remaining shares will be compulsory awarded to them.

A statement from Phoenix said that their offer would create strong value for shareholders and that the enlarged company would present "a significant opportunity in the market for the provision of IT support and disaster recovery services".

Bosses also said that they would move to procure that ICM makes applications to cancel the listing of its shares on the AIM stock exchange.

ICM provides back-up computer and business systems to companies to use in the event of an emergency. Should a dramatic event cause a business' computing systems to become unusable, ICM provides the facilities to allow it to continue trading.

The firm, which posted a turnover of £38.5 million last year, has risen in stature of late following events such as the London bombings of 2005 and freak weather occurrences throughout the country. It now has 11 continuity centres around the country, with two more planned to open this year. Last year it opened two centres in Essex and Scotland, creating nearly 2,000 extra jobs in the process.

At its last set of interim results it reported a rise in operating profit of 29 per cent to £3.3 million and a pre-tax profit of £2.8 million.

Phoenix meanwhile has a national profile in diverse areas of systems management, business continuity and consultancy.