Gelonghui January 18 丨 Lion Rock Group (01127.HK) announced that on January 18, 2024, the board of directors of Quarto announced the launch of a takeover offer. In the takeover offer, Quarto shareholders were offered to buy up to 11.28 million Quarto shares, accounting for about 27.58% of Quarto's current issued share capital. The takeover offer expires on February 15, 2024.
The purchase price was £1.50 per Quarto share, a 25.0% premium over the closing price per Quarto share on November 28, 2023, a 28.7% premium over the three-month average closing price per Quarto share, 4.6% over the six-month average closing price per Quarto share, and 0.8% over the nine-month average closing price per Quarto share. Acquisitions will only be accepted at the purchase price.
The company is an investment holding company. The Group's main business activity is to provide printing and publishing services. Quarto is the world's leading publisher of illustrated non-fiction books. The acquisition was to provide Quarto shareholders with a way to cash out their investments after Quarto's delisting. The takeover offer also enabled the Group to further increase its Quarto shares in order to maximize economic benefits through the Group's interests in Quarto.