Lone Star has only had a 53% take-up of its £700m offer for Quintain following the first closing date for the offer
US based private equity firm Lone Star has extended its £700m offer for Wembley developer Quitain following the first closing date of the offer.
The Dallas-based company is offering shareholders 131 pence per share through investment vehicle Bidco, indirectly controlled by Lone Star Real Estate Fund IV.
As of 1pm on 9 September 2015 Bidco had received acceptances of its cash offer for 280,663,474 Quintain shares, which equates to 53.3% of the firm’s existing issued share capital. Quitain has 526,394,699 shares in issue.
Bidco currently require a 90% take-up of the offer, but could reduce the threshold if required.
In a statement released to the market Quintain’s shareholders “who have not yet accepted the offer are urged to do so as soon as possible”.
The offer will remain open for acceptances until 1pm on 23 September 2015.
Lone Star have said the deal would give Quintain the funds to more rapidly build out its Wembley development.