Quintain is to update the market on trading activity ahead of next month’s annual meeting, in the face of a possible takeover bid by HBOS.
At the time, Quill Investments, a subsidiary of HBOS, bought an 11.9% stake in Quintain from property tycoon Paul Kemsley. Since then it has increased its holding to 14.2%.
But HBOS has yet to make an official approach and two weeks ago Quintain asked the Takeover Panel to impose a ‘put up or shut up’ deadline, now set for 10 September.
Despite an initial rise in Quintain’s share price after news of a takeover bid emerged, the shares have gone back down. Much of this is due to negative sentiment towards the property sector, which has seen values fall by a third in the past three months.
However, insiders believe that recent departures at the company and the global credit crunch could derail the offer.
Yesterday Quintain shares slipped 8 to close at 904p.