24th Sep 2015 05:47
LONDON (Alliance News) - Activist hedge fund Elliott Capital Advisors has gatecrashed the takeover of property company Quintain Estates & Development PLC by US private equity group Lone Star, The Times reported.
Elliott has taken control of nearly 68 million Quintain shares, or around 13% of the company's share capital, via a contracts-for-difference arrangement.
It has now claimed that Lone Star's GBP700 million agreed takeover offer for Quintain "substantially undervalues" the developer, which is developing large tracts of land in the area around Wembley Stadium in north west London.
http://www.thetimes.co.uk/tto/business/industries/construction-property/article4566010.ece
The deadline for Lone Star's offer for Quintain on Wednesday was extended to Wednesday next week.
By Sam Unsted; [email protected]; @SamUAtAlliance
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