QANTM shares boosted by fresh takeover bid
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More news: Shares in QANTM Intellectual Property gained on the ASX after the IP services company revealed it had received a takeover offer from IPH, following a previous bid from rival suitor Adamantem Capital.
QANTM shares were up 6.8% to $1.80 by 12:30pm AEST.
IPH enters bidding war with Adamantem for QANTM
The news: QANTM Intellectual Property has received a takeover offer from IP services company IPH, while continuing to engage with rival suitor Adamantem Capital.
The numbers: IPH has offered to buy all of QANTM's shares for 0.291 IPH shares and a fully franked special dividend of up to 11 cents cash per QANTM share.
In March, Adamantem Capital has offered to acquire all of QANTM’s shares for $1.817 per share with a scrip election of up to 50%.
The context: QANTM said that implementation of IPH's non-binding indicative proposal is subject to the completion of due diligence and the companies agreeing the terms of an ASX announcement, which includes a unanimous QANTM board recommendation in favour of the transaction.
The Sydney-based company said it is still engaging with Adamantem, which was granted exclusive due diligence access in March, after the private equity investor trumped an earlier proposal by Rouse International made in February.
QANTM's board previously said it intended to unanimously recommend that shareholders vote in favour of the Adamantem deal, subject to the satisfactory completion of due diligence, the negotiation and execution of transaction documentation, and customary conditions.
In its latest announcement, QANTM said there is no certainty that with the IPH or Adamentem proposals "will result in a transaction capable of being considered by shareholders".
The source: ASX announcement
