Quintain takeover to go ahead after Lone Star ups stake in Wembley Park developer
Lone Star's takeover of Quintain will go ahead, after the firm upped its stake in the Wembley Park developer to reach the 75 per cent approval required.
Elliot Advisors had made a last-minute attempt to get a better offer from Lone Star, which is bidding for Quintain through investment vehicle Bailey Acquisitions, buying a 12.9 stake which allowed it to reject the takeover bid for the London-based developer.
Lone Star had received approval from 71.7 per cent of shareholders, below the 75 per cent cut-off point needed for the offer to become unconditional. However, it has increased its stake to meet that threshold.
Shareholders are also being offered a sweetened deal of 141p per share, up from 131p originally offered, valuing the deal at £745m.
"Quintain shareholders who have not yet accepted the increased offer are urged to do so as soon as possible," the firm said this morning.
Quintain Estates and Development's share price is currently just shy of 141p,
The firm has four operating segments: Wembley Park, a London portfolio, Quercus and the Quantum joint venture.