Quintain directors intend unanimously to recommend that shareholders accept the offer. The directors themselves hold just 0.3% of the issued share capital.
Quintain chairman William Rucker described the offer as “an attractive opportunity to unlock future value from the Wembley Park development at an early stage through the certainty of a cash offer priced at a premium to net asset value and the current share price”.
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Chief executive Maxwell James added: "Since 2012, Quintain has undergone a major transformation which has seen the business dispose of non-core assets, progressively rebalance the business to focus on London and materially de-gear the balance sheet, creating a strong platform for growth. The offer…crystallises value for shareholders at an early stage whilst enabling Quintain's vision for Wembley Park to be accelerated through the addition of significant financial resources, creating more mainstream homes in the Capital more quickly than would otherwise be possible."
Angus Dodd of Lone Star Europe Acquisitions said: "The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London. Wembley Park is one of the largest and most exciting urban renewal projects in Europe and complements our experience in this segment of the market. We intend to contribute significant additional financial resources to help Quintain in its next phase of growth: to accelerate delivery at Wembley Park, building more homes more quickly and continuing the creation of a cohesive and exciting new community. We very much look forward to working with the Quintain team on Wembley and the rest of the portfolio."
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