Lone Star closed in on its takeover of Wembley arena owner Quintain last night after announcing that it has won the backing of over 90 per cent of shareholders.
The US private equity giant was forced to raise its offer last week after activist hedge fund Elliott gatecrashed the deal at the eleventh hour and took control of a 12.9 per cent stake.
Elliott, which successfully forced change at Alliance Trust earlier this year, said it would not accept the 131p per share offer, prompting Lone Star to raise its bid by 10p.
Its increased offer means Lone Star will splurge £745m to take control of the London-focused developer, which is regenerating 85 acres of land around Wembley stadium. In the Wembley area, Quintain is building shops, restaurants, bars as well as residential areas.
Quintain’s plans include building over 5,000 homes as well a 280,000 square feet designer outlet village with shops and restaurants, which opened last year.
The deal also gives Lone Star control of Quintain’s stakes in asset management businesses Quercus and Welput as well as its London offices portfolio.
Lone Star, which is acquiring Quintain through its investment vehicle Bailey acquisitions, said yesterday it has now secured 90.41 per cent acceptances, meaning it now has the right to buy all the outstanding shares.
Quintain’s non-executive directors, including chairman and Lazard’s UK chief executive William Rucker, have stepped down and been replaced with a new team put in place by Lone Star including managing director Angus Dodd.
However, chief executive Max James will stay in his role at the company.
Quintain is due to delist on 23 October.
According to Canaccord Genuity data, more than 15 per cent of UK buyouts this year have been deals to take public companies private, from just two per cent last year.