Pursuits
Lone Star Raises Quintain Offer After Pressure From Elliott
- Private-equity group increases bid by 10 pence a share
- Elliott had said first Lone Star bid undervalued the developer
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Lone Star Funds raised its offer for London-based housing developer and property investor Quintain Estates & Development Plc after hedge fund Elliott Associates LP pushed for a higher price. Quintain’s shares soared.
The new bid of 141 pence a share values the company at about 745 million pounds ($1.13 billion), Lone Star said in a stock exchange statement on Friday. The price is 10 pence a share more than a bid made in July and is a final offer, the private equity group said. Quintain’s shares rose 6.8 percent to 140.5 pence at 08:29 a.m. in London trading.