Lone Star’s bid for Quintain has become unconditional following the company’s raising of its offer price and the acquisition of 4.3% more of the company’s shares.
The acquisition by Lone Star, executed today, puts the ratio of shareholders accepting the bid at 76.03% and above the revised acceptance limit of 75% set by Lone Star on 18 September.
This allows Lone Star to complete its takeover of the developer and take it private on 23 October this year.
The unconditional offer comes just two days after the bid looked to have been derailed by the intervention of activist investor Elliott Capital Advisors.
At the time, Elliott believed that the original offer price of 131p was undervaluing the company and Lone Star failed to reach the 75% acceptance target for taking an offer unconditional.
Lone Star then issued a revised offer in response increasing the offer price to 141p a share, valuing the company at £745m.
The initial offer had already been recommended by the management of Quintain to shareholders when Lone Star made its first formal approach on 29 July.
The new offer put the company’s value at a 31.8% premium to the offer price of 107p on the 28 July.
