Triple Point ups QMASTOR bid to $26.2m
- 13 September, 2011 17:42
Triple Point Technology has made official its improved $26.2 million buyout offer for industrial software developer QMASTOR (ASX:QML).
US-based commodity trading software company Triple Point on Tuesday formally varied its off-market takeover bid, increasing the offer price to $0.31 per share from $0.23.
A majority of QMASTOR's board, including the managing director, have previously recommended the offer to shareholders and indicated they would accept.
The new offer is a 94% premium to the QML closing share price on June 22, the day prior to the announcement of Triple Point's takeover offer.
Triple Point indicated it planned to increase its bid price in late August, after its initial offer met with resistance from directors.
QMASTOR shareholders will have until October 7 to accept the offer. The deal is contingent on receiving 90% acceptances.
QMASTOR recently reported a 352% increase in FY11 profit, from record revenue of $12.8 million.
QML shares fell 1.72% on Tuesday to $0.285.