US private equity firm Lone Star has raised its offer for UK real estate developer Quintain from £700 mln to £745 mln (€1 bn) in a further attempt to reach the 75% shareholding threshold to gain full control.

US private equity firm Lone Star has raised its offer for UK real estate developer Quintain from £700 mln to £745 mln (€1 bn) in a further attempt to reach the 75% shareholding threshold to gain full control.

Lone Star's revised offer comes in response to shareholder Elliott Capital Advisers, who earlier this week built up a 12.9% holding in Quintain, and said the original offer undervalued the company.

The new offer represents a premium of about 32% to Quintain's closing price on the day before the first offer was made.

Dallas-based Lone Star launched the offer in July and is believed to currently hold nearly 72% of Quintain. London-listed Quintain said at the time that its directors would recommend the offer to shareholders unanimously.

Quintain has refocused its business on London in recent years, developing the Wembley Park residential and retail project near England’s national soccer stadium.

Quintain was established in 1992 and listed on the London Stock Exchange in 1996. At 31 March 2015, the company had real estate assets with a combined value of £834.6 mln, including a core investment portfolio valued at £366 mln and a core development portfolio valued at £396 mln. Assets at Wembley Park comprise 80% of Quintain’s portfolio.

Lone Star needs to hold at least 75% of Quintain to be able to convert the offer into an unconditional one and de-list the company. Its offer expires on 10 October.