QANTM shares surge after takeover offer from Adamantem Capital
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The news: QANTM Intellectual Property has received another takeover offer, this time from Australian private equity investor Adamantem Capital.
The numbers: Adamantem Capital has offered to acquire all of QANTM’s shares for $1.817 per share with a scrip election of up to 50%.
QANTM said this proposal represented a higher price than its proposal from Rouse International Holdings.
QANTM shares surged 17.6% to $1.63 in early trading on the ASX.
The context: Last month, QANTM announced it had received a non-binding indicative proposal from Rouse to acquire all of its shares but did not disclose how much the offer was.
Today, QANTM noted that the discussions with Rouse were exclusive, meaning Rouse had certain rights to be discussed and that due diligence was ongoing.
The QANTM board recommended that shareholders take no action in regard to either proposal and that there was no certainty for either transaction to eventuate.
Adamantem manages assets in Australia and New Zealand across both private equity and, through Melior Investment Management, public market strategies.
The source: ASX announcement
