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Triple Point gains control of QMASTOR

Triple Point gains control of QMASTOR

Triple Point Australia has secured control of ASX-listed QMASTOR (ASX:QML) with its takeover bid for the industrial software developer.

The suitor, a subsidiary of US-based commodities trading software company Triple Point Technology, has revealed it had acquired an interest in over 75% of QMASTOR shares.

While the offer had initially been contingent on securing at least 90% acceptance, Triple Point has now declared it free from all remaining conditions.

The company had offered $0.31 per share - an improvement on the initial $0.23 per share bid, which QMASTOR directors had resisted.

At the revised price, the takeover offer is valued at $26.2 million. The earlier bid was worth $19.3 million. QMASTOR had been shooting for a price of at least $30 million.

Triple Point has indicated that if it receives 90% acceptances, it will proceed to compulsory acquisition, and then to take QMASTOR private.

In the interim, the company has sought to appoint replace the board – apart from managing director Trent Bagnall and one other independent director - with its own appointees.

QML shares stayed flat on Thursday at $0.305.

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Tags Triple Point AustraliaASX:QMLTrent BagnallQMASTORsoftwareMergers and acquisitions

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