Lone Star has reduced the threshold of shareholders it must win over for its proposed acquisition of Quintain to become unconditional.
The Dallas-based fund manager’s bid vehicle originally said its offer would become unconditional once 90% of shareholders had accepted it.
However, it reserved the right to lower this threshold and it has now announced that its acceptance conditions will be satisfied if 75% of shareholders accept the bid ahead of the 23 September deadline.
Lone Star announced it had secured more than 50% of shareholder acceptances – including those shares owned by Quintain management – at the first close of its offer on 9 September.
It is now urging shareholders that have not yet accepted the 131p per share offer to do so ahead of the deadline in two days’ time.
