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Quarto - Tender offer boosts shares

September 2003

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • QRT
Quarto's "bid approach" turned out to be a tender offer by J.O. Hambro Capital Management (on behalf of its clients) for 24.7% of the company at 132.5p per Quarto share.  If Hambro is successful it would take its total holding to 51% - effectively gaining control on the cheap. Not surprisingly, Quarto's Board considers the tender offer to be opportunistic and too low. And it points out that the offer wouldhave violated fundamental principles of the Take-Over Code, except for the quirky fact that Quarto is registered in Delaware, USA (although its Head Office is in Islington). Hambro's cute manoeuvre couldyet flush out a bid from a trade or financial buyer, but the risk toQuarto shareholders is that if it does capture over ...

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Related Articles

Quarto - Bid approach (August 2003)
Quarto - Prospective PE: 4.6 (April 2003)
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