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 per cent of QMASTOR shares.
While the offer had initially been contingent on securing at least 90 per cent 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 per cent 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.