IP Group board may struggle to back sweetened Railpen offer, says Deutsche Bank Proactive uses images sourced from ShutterstockThe board of IP Group PLC (LSE:IPO), the London-listed technology investor, may struggle to recommend an improved takeover proposal from pension fund Railpen without further concessions, according to Deutsche Bank. Railpen returned with a revised offer ahead of today's put up or shut up deadline, when it must either make a firm bid or walk away. That implies headline value of up to 82.9p a share, or 71.6p excluding any value from the contingent right. Deutsche said the revised structure addressed one of its earlier concerns, that the original approach left too much upside with the buyer. Even so, only 61p a share is fixed cash, with a meaningful portion of the value still contingent.