Quipt Home Medical Confirms Receipt of Forager’s Repetitive Undervalued Offer; Board Denounces Inferior Terms and Self-Serving Tactics
Quipt Home Medical (NASDAQ: QIPT) has rejected an unsolicited, non-binding proposal from Forager Capital Management (FCM) to acquire all outstanding shares at $3.10 per share. The Board highlights that this offer is 26% lower than FCM's January 2025 proposal of $3.90 per share, which was also rejected for undervaluing the company.
Since January, Quipt has made significant 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. The Board criticizes FCM's tactics, including failure to disclose the January proposal in SEC filings and bypassing proper communication channels through Truist Securities.
The Board remains open to engaging with FCM under proper confidentiality agreements but emphasizes its commitment to maximizing long-term shareholder value.
Quipt Home Medical (NASDAQ: QIPT) ha respinto una proposta non sollecitata e non vincolante di Forager Capital Management (FCM) per l'acquisto di tutte le azioni in circolazione a $3,10 per azione. Il Consiglio sottolinea che l'offerta è del 26% inferiore rispetto alla proposta di gennaio 2025 di $3,90 per azione, anch'essa respinta perché sottovalutava la società.
Da gennaio Quipt ha effettuato acquisizioni rilevanti, tra cui un fornitore di apparecchiature medicali con $6,6 milioni di ricavi e una partecipazione del 60% in Hart Medical Equipment, che hanno aggiunto $60 milioni di ricavi e $7 milioni di EBITDA rettificato. Il Consiglio critica le tattiche di FCM, segnalando la mancata divulgazione della proposta di gennaio nei documenti SEC e il bypass dei canali di comunicazione appropriati tramite Truist Securities.
Il Consiglio resta disponibile a dialogare con FCM sotto adeguati accordi di riservatezza, ma ribadisce il proprio impegno a massimizzare il valore azionario nel lungo termine.
Quipt Home Medical (NASDAQ: QIPT) ha rechazado una propuesta no solicitada y no vinculante de Forager Capital Management (FCM) para adquirir todas las acciones en circulación a $3,10 por acción. La Junta señala que esta oferta es un 26% inferior a la propuesta de enero de 2025 de $3,90 por acción, que también fue rechazada por subvalorar la compañía.
Desde enero, Quipt ha realizado adquisiciones importantes, incluyendo un proveedor de equipos médicos con $6,6 millones en ingresos y una participación del 60% en Hart Medical Equipment, que han sumado $60 millones en ingresos y $7 millones en EBITDA ajustado. La Junta critica las tácticas de FCM, señalando la falta de divulgación de la propuesta de enero en los registros ante la SEC y eludir los canales de comunicación adecuados a través de Truist Securities.
La Junta está dispuesta a entablar conversaciones con FCM bajo acuerdos de confidencialidad apropiados, pero enfatiza su compromiso de maximizar el valor a largo plazo para los accionistas.
Quipt Home Medical (NASDAQ: QIPT)는 Forager Capital Management(FCM)의 비공개·비구속 제안으로서 주당 $3.10에 모든 발행주식을 인수하겠다는 제안을 거부했습니다. 이 이사회는 해당 제안이 2025년 1월 FCM의 $3.90 제안보다 26% 낮으며, 당시 제안도 회사 가치를 저평가한다는 이유로 거부되었다고 밝혔습니다.
1월 이후 Quipt는 $660만 매출의 의료 장비 공급업체 인수와 Hart Medical Equipment 지분 60% 취득 등 주요 인수를 단행했으며, 이를 통해 $6,000만 매출과 $700만 조정 EBITDA를 추가했습니다. 이사회는 FCM이 1월 제안을 SEC 제출서류에 공개하지 않은 점과 Truist Securities를 우회한 소통 방식 등을 문제 삼았습니다.
이사회는 적절한 기밀유지계약 하에서 FCM와의 협의에는 열려 있지만, 장기적 주주가치 극대화에 대한 의지는 분명히 하고 있습니다.
Quipt Home Medical (NASDAQ: QIPT) a rejeté une offre non sollicitée et non contraignante de Forager Capital Management (FCM) visant à acquérir l'ensemble des actions en circulation à 3,10 $ par action. Le conseil d'administration souligne que cette proposition est inférieure de 26 % à l'offre de janvier 2025 de 3,90 $ par action, également rejetée pour sous-évaluation de la société.
Depuis janvier, Quipt a réalisé des acquisitions importantes, notamment un fournisseur d'équipements médicaux générant 6,6 M$ de chiffre d'affaires et une participation de 60 % dans Hart Medical Equipment, apportant au total 60 M$ de chiffre d'affaires et 7 M$ d'EBITDA ajusté. Le conseil critique les méthodes de FCM, en particulier le fait de ne pas avoir divulgué l'offre de janvier dans les déclarations auprès de la SEC et d'avoir contourné les canaux de communication appropriés via Truist Securities.
Le conseil reste disposé à engager des discussions avec FCM sous réserve d'accords de confidentialité appropriés, mais réaffirme son engagement à maximiser la valeur pour les actionnaires à long terme.
Quipt Home Medical (NASDAQ: QIPT) hat ein unaufgefordertes, unverbindliches Übernahmeangebot von Forager Capital Management (FCM) über den Erwerb aller ausstehenden Aktien zu $3,10 je Aktie abgelehnt. Der Vorstand weist darauf hin, dass dieses Angebot 26 % unter FCMs Vorschlag vom Januar 2025 in Höhe von $3,90 je Aktie liegt, der ebenfalls wegen Unterbewertung zurückgewiesen wurde.
Seit Januar hat Quipt bedeutende Akquisitionen getätigt, darunter einen medizinischen Geräteanbieter mit $6,6 Mio. Umsatz und eine 60%-Beteiligung an Hart Medical Equipment, die zusammen $60 Mio. Umsatz und $7 Mio. bereinigtes EBITDA hinzufügen. Der Vorstand kritisiert FCMs Vorgehen, insbesondere die Nicht-Offenlegung des Januar-Angebots in SEC-Unterlagen und das Umgehen der richtigen Kommunikationswege über Truist Securities.
Der Vorstand ist offen für Gespräche mit FCM unter angemessenen Vertraulichkeitsvereinbarungen, betont jedoch sein Engagement zur Maximierung des langfristigen Aktionärswerts.
- Company acquired new assets adding $66.6 million in combined revenue and $7 million in Adjusted EBITDA
- Board shows strong corporate governance by protecting shareholder interests
- Company has stabilized its revenue and expanded operations through strategic acquisitions
- Latest buyout offer of $3.10 per share represents a 26% decrease from January's $3.90 offer
- Potential acquirer's credibility concerns due to non-compliance with SEC filing requirements
- Ongoing hostile takeover attempt could create business uncertainty and distraction
Insights
Quipt rejects Forager's $3.10/share offer as undervalued while highlighting recent acquisitions and questioning Forager's tactics and compliance.
Quipt Home Medical has firmly rejected an unsolicited
The company's response highlights several concerning elements about FCM's approach: (1) FCM allegedly failed to disclose its January proposal in required SEC filings despite being a Schedule 13D filer; (2) FCM has repeatedly bypassed the company's appointed financial advisor, Truist Securities; and (3) FCM has apparently violated terms of a Non-Disclosure and Standstill Agreement.
Quipt's strategic position has actually strengthened since January through two significant acquisitions: (1) an unnamed durable medical equipment provider contributing
The board is leaving the door slightly open, indicating willingness to engage with FCM if they agree to comply with a confidentiality agreement and potentially make a bid that offers "real value" to shareholders. However, the defensive tone of the release and focus on FCM's alleged procedural violations suggests the board is positioning for continued independence rather than actively seeking a sale at this time.
CINCINNATI, Ohio, Aug. 27, 2025 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“Quipt” or the “Company”) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider focused on end-to-end respiratory care, acknowledges receipt of another unsolicited, non-binding and indicative proposal dated August 25, 2025 (the “August Proposal”) from Forager Capital Management, LLC (“FCM”) to acquire all of the Company’s issued and outstanding common shares for US
In addition, the repeated offers follow an earlier non-binding offer by FCM in January 2025 to acquire all shares at US
The Company’s board of directors (the “Board”) declined the January Proposal after reviewing the complete deal terms presented, determining that it undervalued the Company at that time by only offering a small premium to the then current market price, and that selling the Company at a price that undervalues its current and prospective future would not be in the best interests of the Company and its shareholders. It is therefore unclear how FCM thinks the August Proposal should be taken seriously by the Board or any shareholders of the Company.
Since receipt of the January Proposal, the Company has (i) acquired a full-service durable medical equipment provider, wholly owned by Ballad Health, adding unaudited revenue of
The fact that FCM has since reduced its offer price, while also failing to disclose the January Proposal in its required U.S. securities filings, raises further concerns about its credibility. On numerous occasions, FCM has repeatedly chosen not to engage through the Company’s appointed financial advisor, Truist Securities, Inc. (“Truist”), despite being explicitly instructed to do so by the Board. Instead, FCM continues to bypass proper channels and make self-serving public offers that the Board believes significantly undervalue the Company. This failure to constructively engage with the Company, coupled with its failures to comply with U.S. securities law and its contractual obligations under the Non-Disclosure and Standstill Agreement with the Company, calls into question the true motives of FCM. That said, if FCM agrees to enter into and actually comply with a confidentiality agreement with the Company, the Board would be pleased to engage with FCM on a friendly basis in an effort to determine if FCM could realistically make a bid that would provide real value to its fellow shareholders.
Acting with the benefit of advice from Truist and its legal counsel, the Board remains firmly committed to safeguarding and enhancing long-term shareholder value. The Company does not intend to comment further on the engagement of Truist, FCM’s self-serving inferior and declining offers, or any related matter unless and until it determines that additional disclosure is appropriate or required.
ABOUT QUIPT HOME MEDICAL CORP.
The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services, and making life easier for the patient.
Cautionary Note Regarding Forward-Looking Statements
Various statements in this press release, including, but not limited to, statements regarding the Board’s focus and intentions related to further comment are “forward-looking statements” under applicable securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements regarding the Company’s ongoing review of opportunities and strategic alternatives, expectations regarding the Company’s engagement of Truist and the outcome thereof, the Company’s business plans and strategies, and the Company’s intentions regarding future disclosures. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. Therefore, no assurance can be given that the results or developments anticipated by Quipt will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Quipt. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law. Forward-looking statements in this press release should be evaluated together with the various risks and uncertainties that affect Quipt’s business and market, particularly those identified in the “Cautionary Note Regarding Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Quipt’s most recent Annual Report on Form 10-K, as updated by Quipt’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.com.
For further information please visit our website at www.Quipthomemedical.com, or contact:
Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
cole.stevens@myquipt.com
Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
investorinfo@myquipt.com
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