US private equity Group Lone Star has won shareholders’ backing for its bid to acquire London property developer Quintain, shortly after increasing its offer to £745 mln (€1 bn).
US private equity Group Lone Star has won shareholders’ backing for its bid to acquire London property developer Quintain, shortly after increasing its offer to £745 mln (€1 bn).
Dallas-based Lone Star revised its offer in response to shareholder Elliott Capital Advisers, who last week built up a 12.9% holding in Quintain.
Lone Star's new offer, which is now unconditional, represented 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 original £700 mln offer in July.
Quintain has refocused its business on London in recent years, developing the Wembley Park residential and retail project near England’s national soccer stadium.
The company 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.