Intellectual property law firm Xenith IP Group is seeking to raise $68 million to fund the acquisition of rival firm Griffith Hack, fund manager sources told Street Talk.
It's understood brokers Ord Minnett, Shaw and Partners and UBS started crossing institutions on Thursday afternoon.
A deal is expected to be announced on Friday.
Raising proceeds will fund 50 per cent of the purchase with the remainder to be paid in stock to the vendor.
Xenith IP's shares have fallen 95¢ from $3.97 at June 30 to close at $3.02.
