Triple Point ups QMASTOR bid to $26.2m
- 14 September, 2011 08:44
- Comments 1
Triple Point Technology has made official its improved $26.2 million buyout offer for industrial software developer QMASTOR (ASX:QML).
US-based commodity trading software company Triple Point on Tuesday formally varied its off-market takeover bid, increasing the offer price to $0.31 per share from $0.23.
A majority of QMASTOR's board, including the managing director, have previously recommended the offer to shareholders and indicated they would accept.
The new offer is a 94 per cent premium to the QML closing share price on June 22, the day prior to the announcement of Triple Point's takeover offer.
Triple Point indicated it planned to increase its bid price in late August, after its initial offer met with resistance from directors.
QMASTOR shareholders will have until October 7 to accept the offer. The deal is contingent on receiving 90 per cent acceptances.
QMASTOR recently reported a 352 per cent increase in FY11 profit, from record revenue of $12.8 million.
QML shares fell 1.72 per cent on Tuesday to $0.285.
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Comments
Richard B
The offer notwithstanding the premium, which is over almost the lowest point of the shareprice in the past 12 months, still in my humble opinion, is opportunitstic and taking advantage of the market conditions.
Essentially QML has invested significantly in developing its oversesas markets in the past 2-3 years at the expense of profit and dividends but to provide future offshore sales growth. In spite of the GFC and post GFC it achieved sales of $12M+ this past year a record and looked set to get to its target of $30M in the future. At that level I was expecting dividends of about 3-4c a share as probably is Triple Point but now I am expected to exchange that for 31c now and being told how generous this is.
I don't think so and I think the Board are only going along with it because they maybe want to offer shareholders the opportunity or have some other incentive not available to the rest of us?
If only I knew how many will support TPT or stick with QML as a growing strong niche competitior.
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