Lone Star’s £700m takeover approach for Quintain Estates & Developments has been disrupted by US-hedge fund Elliott Associates, which has taken control of 12.9% of the company’s shares.
Elliott said that Lone Star’s bid “substantially undervalues” the company, which owns £351m of land around Wembley in north-west London.
Lone Star needs 75% of shareholders to agree to its 131p per share bid for its acceptance to be declared unconditional. It secured 71.7% on Wednesday and its offer has been extended for a week as it attempts to cross the threshold.
