Quipt Home Medical confirms receipt of Forager’s offer

Quipt Home Medical confirms receipt of Forager’s offer

Quipt Home Medical Corp. (NASDAQ: QIPT), a U.S.-based home medical equipment provider, has acknowledged receipt of an unsolicited, non-binding offer from Forager Capital Management (FCM) to acquire all of its outstanding shares at $3.10 per share [1]. This offer comes amid ongoing negotiations between the two parties, with Quipt Home Medical's board of directors emphasizing its commitment to maximizing long-term shareholder value.

The offer from FCM is significantly lower than its previous proposal in January 2025, which stood at $3.90 per share [1]. Quipt Home Medical has rejected both offers, citing undervaluation. Since January, the company has made several strategic acquisitions, including a $6.6 million revenue medical equipment provider and a 60% stake in Hart Medical Equipment, adding $60 million in revenue and $7 million in Adjusted EBITDA [1]. These acquisitions have strengthened Quipt Home Medical's financial position.

FCM's tactics have drawn criticism from Quipt Home Medical. The company alleges that FCM failed to disclose its January proposal in SEC filings and bypassed proper communication channels through Truist Securities [1]. Quipt Home Medical has expressed willingness to engage with FCM under a confidentiality agreement but has emphasized its focus on shareholder value [1].

The company's response highlights several concerns about FCM's approach, including procedural violations and a lack of compliance with U.S. securities laws. Quipt Home Medical's board remains committed to safeguarding long-term shareholder value and is not planning to comment further on the matter unless additional disclosure is required [1].

References:
[1] https://www.stocktitan.net/news/QIPT/quipt-home-medical-confirms-receipt-of-forager-s-repetitive-pitkzot8amzo.html