Triple Point to compulsorily acquire QMASTOR

Triple Point Australia has gained a 97.5 per cent stake in industrial software company QMASTOR (ASX:QML) via a $26.2m takeover bid, a will compulsorily acquire the rest

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.