Lone Star has reduced the threshold of shareholder acceptances required to complete its acquisition of Quintain

US-based private equity firm Lone Star has reduced the threshold of acceptances required for its £700m purchase of Wembley developer Quintain to 75%.

The previous threshold had been 90%. The Dallas-based company is offering shareholders 131 pence per share through investment vehicle Bidco, indirectly controlled by Lone Star Real Estate Fund IV.

Bidco has already extended the offer timetable from the original deadline of 9 September to 23 September, after only receiving acceptances from 53.3% of shareholders by the original deadline.

Lone Star has said the deal would give Quintain the funds to more rapidly build out its Wembley development.