U.S. private equity firm Lone Star raised its offer for Quintain Estate and Development Plc (QED.L) to 745 million pounds ($1.13 billion) on Friday, sending the British property firm’s shares up about 7 percent.
Lone Star’s revised offer comes a day after The Times reported that activist shareholder Elliott Capital Advisers had taken control of a 12.9 percent holding in Quintain and felt the original offer undervalued the company.
The new offer represents a 10 pence per share increase over Lone Star’s original offer and a premium of about 31.8 percent to Quintain’s closing price on the day before the first offer was made.
Lone Star had in July made a 700-million-pound offer to buy Quintain, hoping to gain access to one of London’s few remaining large-scale development opportunities.
(Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)