Zhitong Finance App News, Lion Rock Group (01127) issued an announcement. Quarto confirmed that the listing status of Quarto shares in the senior market on the official list of the London Stock Exchange and the eligibility of Quarto shares to trade on the main board of securities listed on the London Stock Exchange have been cancelled, effective from January 18, 2024.

On January 18, 2024 (after stock exchange trading time), Quarto's board of directors announced the launch of the takeover offer. In the takeover offer, Quarto shareholders were offered to purchase up to about 11.2768 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 £1.5 (purchase price) per Quarto share, a 25.0% premium over the closing price of Quarto shares on November 28, 2023, and a 28.7% premium over the 3-month average closing price per Quarto share. Acquisitions will only be accepted at the purchase price.

According to Quarto's audited consolidated financial statements for the year ended December 31, 2021 and 2022, Quarto's net asset values as of December 31, 2021 and 2022 were approximately US$53.2 million and US$67.3 million, respectively. Quarto's net unaudited asset value as of June 30, 2023 was approximately US$69.7 million.

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.