LION ROCK GROUP: Quarto has agreed to accept all the shares of Quarto involved in the transaction, with a total investment of 15.9592 million pounds.
LION ROCK GROUP has announced that Quarto has agreed to accept all the surrendered shares, totaling £15.9592 million. Quarto is a global leading publisher of illustrated non-fiction books. This acquisition offer provides Quarto shareholders with a way to cash out their investments and allows LION ROCK GROUP to further increase its stake in Quarto. LION ROCK GROUP is an investment holding company that provides printing and publishing services.
Zhitong App news: LION ROCK GROUP (01127) announced on January 18, 2024, that the Quarto board has initiated a takeover offer. In the offer, they plan to acquire up to 11.2768 million shares of Quarto, representing approximately 27.58% of Quarto's existing issued share capital, at a price of £1.50 per share. On February 13, 2024, the Quarto board extended the deadline for the takeover offer from February 15, 2024, to February 29, 2024.
As of the announcement date, a total of 10.6395 million shares of Quarto have been tendered in the takeover offer, which Quarto has agreed to accept. The total consideration for the tendered Quarto shares amounts to £15.9592 million (equivalent to approximately HKD 158 million). The payment for the takeover offer will be completed on March 28, 2024.
As of the announcement date, the company's indirect wholly-owned subsidiary, Huixing Printing, holds 20.478 million shares of Quarto, with Quarto director Andrea Giunti Lombardo holding interests in 9.1343 million shares of Quarto. Both Huixing Printing and Andrea Giunti Lombardo have not accepted the takeover offer.
After the completion of the takeover offer, Huixing Printing's stake in Quarto will increase from 50.08% to 67.70%.
The announcement states that the company is an investment holding company, with its main business activities focused on providing printing and publishing services. Quarto is a leading global distributor of illustrated non-fiction books. The takeover offer provides Quarto shareholders with a way to cash out their investments in Quarto after delisting. It also allows the group to further increase its stake in Quarto, maximizing economic benefits through the group's interests in Quarto.
