Forager's Surprise $140M Bid Puts Quipt – And Standstill Deal – To The Test
- Quipt Home Medical confirms receipt of an unsolicited $3.10 per share takeover proposal from Forager Capital Management, valuing the company at approximately $140 million3, 6, 7.
- The offer surfaces despite a pre-existing Standstill Agreement, expiring August 1, 2025, restricting Forager from making such proposals without Quipt's prior written consent3, 7.
- Quipt’s Board, which did not grant approval for Forager's proposal, remains focused on long-term shareholder value amidst its own strong growth trajectory3, 7.
CINCINNATI, May 21, 2025 – A quiet Tuesday was shattered for Quipt Home Medical Corp. (NASDAQ: QIPT; TSX: QIPT) as Forager Capital Management LLC launched an unexpected, unsolicited bid to acquire the U.S. home medical equipment provider3. The non-binding proposal offers $3.10 per share for all outstanding common shares, an approximate $140 million play for the company specializing in end-to-end respiratory care3, 6, 7.
The audacious move from Forager comes with a significant complication: a Non-Disclosure and Standstill Agreement Quipt entered into with Forager entities on February 1, 2025. This agreement expressly prohibits Forager from proposing any acquisition of Quipt's equity or assets for six months – until August 1, 2025 – without the prior written approval of Quipt's Board3, 7. Quipt confirmed today that no such approval was granted.
Quipt, which typically refrains from commenting on unsolicited offers, acknowledged the proposal only because Forager itself made it public3. This bid arrives as Quipt demonstrates positive momentum, reporting $18.2 million in cash flow from operations for the six months ending March 31, 2025, and actively pursuing strategic organic growth and M&A opportunities1, 2, 8.
While Forager forces the issue into the spotlight, Quipt’s Board, in consultation with its advisors, stated it "remains focused on the best long-term interests of the Company to drive sustainable value for its shareholders."3 The company has indicated it does not intend to comment further unless legally required, leaving the market to watch how this bold challenge to both Quipt and a binding agreement will unfold3.
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