Quipt receives buyout offer

CINCINNATI — Quipt Home Medical has announced that it has received an unsolicited non-binding and conditional and indicative proposal from Forager Capital Management to acquire 100% of the company’s issued and outstanding common shares for $3.10 per common share. 

Quipt entered into a non-disclosure and standstill agreement with Forager Fund, L.P. and FCM in February. The agreement provides that Forager and its representatives will, for a period of six months after the date of the agreement, not directly or indirectly acquire (or propose or agree to acquire), by purchase or otherwise, any equity securities or assets of Quipt, or rights or options to acquire interests in any of Quipt’s equity securities or assets without prior advance approval in writing by the board of directors of the company. The agreement also provides for customary terms related to the non-disclosure and use of confidential information of Quipt. 

The board did not provide Forager with any prior written approval for a waiver of the confidentiality provision or the standstill provision relating to the issuance of the non-binding proposal. It remains focused on the best long-term interests of the company to drive sustainable value for its shareholders, according to a press release. 

In January, Philotimo Fund, L.P., an entity affiliated with Kanen Wealth Management and David L. Kanen filed notice with the U.S. Securities and Exchange Commission saying it planned to oppose Quipt’s four director candidates to the board and solicit proxies in support of four other director candidates. An agreement with Kanen was announced in March. 

• Related: Quipt on May 13 reported revenue of $57.4 million for the second quarter of 2025 compared to $61.3 million for the same period last year, a 6% decrease.