Triple Point to compulsorily acquire QMASTOR

Triple Point to compulsorily acquire QMASTOR

Commodities trading software company Triple Point Australia has commenced compulsory acquisition of industrial software and services company QMASTOR (ASX:QML)

Triple Point Australia, a subsidiary of US-based Triple Point Technology, made a $26.2 million takeover bid for QMASTOR shares in September.

The offer period closed earlier this week, with Triple Point having secured a 97.5% stake by the end of the period.

Triple Point will now compulsorily acquire the remainder of QMASTOR at the same $0.31 per share price. QMASTOR will then be delisted from the ASX.

The purchase price was an improvement on an initial $21.7 million bid, which the QMASTOR board had considered to be inadequate.

QMASTOR in September reported a swing to a $1.2 million FY11 profit, from 75% higher revenue of $12.8 million.

QML shares fell 3.23% on Tuesday to $0.300.

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Tags Mergers and acquisitionsQMASTORTriple Point AustraliaASX:QMLcompulsory acquisition

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