Lion Rock Group (01127) issued an announcement. On January 18, 2024, the Quarto Board of Directors announced...
According to Zhitong Finance App, Lion Rock Group (01127) issued an announcement. On January 18, 2024, the Quarto board of directors announced the launch of a takeover offer. In the takeover offer, Quarto shareholders were offered to buy up to 11.2768 million Quarto shares, accounting for about 27.58% of Quarto's current issued share capital. The relevant purchase price was £1.50 per Quarto share. On February 13, 2024, the Quarto Board of Directors announced that it would extend the expiration date of the takeover offer from February 15, 2024 to February 29, 2024.
As of the date of this announcement, 10.6395 million Quarto shares have been effectively surrendered in the takeover offer, and Quarto has agreed to accept all relinquished Quarto shares at a total cost of £15.9592 million (equivalent to approximately HK$158 million). Quarto will complete payment of the takeover offer on March 28, 2024.
On the date of this announcement, Huixing Printing, an indirect wholly-owned subsidiary of the company, held 20.478 million Quarto shares, and Quarto director Andrea Giunti Lombardo had an interest in 9.134,300 Quarto shares. Neither Huixing Printing nor Andrea Giunti Lombardo accepted the takeover offer.
Huixing Printing's interest in Quarto will increase from 50.08% to 67.70% after the takeover offer is completed.
According to the announcement, the company is an investment holding company, and the main business activity of the group 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.