Triple Point to compulsorily acquire QMASTOR
- 15 November, 2011 19:00
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 per cent 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 per cent on Tuesday to $0.300.