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Quintain Estates Accepts GBP700 Million Takeover Bid From Lone Star

Wed, 29th Jul 2015 08:12

LONDON (Alliance News) - Quintain Estates & Development PLC on Wednesday confirmed it has reached an agreement to be acquired by US private equity house Lone Star Funds for GBP700 million, slightly higher than an earlier Sky News report had suggested.

Lone Star will pay 131 pence per share for Quintain through its Lone Star Real Estate Fund IV vehicle, valuing the business at a total of GBP700 million. The price is a 22% premium to Quintain's closing price on Tuesday and is at a 7.4% premium to the group's net asset value at the end of March.

Quintain shares were up 23% to 131.58p on the news, comfortably the best performer in the FTSE All-Share.

JPMorgan Cazenove and Lazard advised Quintain on the offer, while Lone Star was advised by Morgan Stanley.

"Since 2012, Quintain has undergone a major transformation which has seen the business dispose of non-core assets, progressively rebalance the business to focus on London and materially de-gear the balance sheet, creating a strong platform for growth," said Quintain Chief Executive Maxwell James.

The offer "crystallises value for shareholders at an early stage whilst enabling Quintain's vision for Wembley Park to be accelerated through the addition of significant financial resources, creating more mainstream homes in the capital more quickly than would otherwise be possible," James added.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance