Triple Point ups QMASTOR bid to $26.2m

US-based Triple Point Technology has pulled the trigger on an $0.08 per share increase in its bid for industrial software company QMASTOR (ASX:QML)

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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Tags businessQMASTORTriple Point Technology

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