Quipt Home Medical confirms receipt of Forager’s ‘repetitive undervalued’ offer

Quipt Home Medical (QIPT) acknowledges receipt of another unsolicited, non-binding and indicative proposal dated August 25 from Forager Capital Management to acquire all of the Company’s issued and outstanding common shares for $3.10 per share. The August Proposal follows several prior, similarly non-binding offers from FCM, including the $3.10 offer FCM publicly disclosed on May 19, 2025. The company said, “In addition, the repeated offers follow an earlier non-binding offer by FCM in January 2025 to acquire all shares at $3.90 per share. In addition, although FCM is, and was, a Schedule 13D filer when it submitted its January Proposal, it, for some reason, chose not to comply with U.S. securities laws and publicly report the January Proposal in an amended Schedule 13D. The Company’s board of directors 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 acquired a full-service durable medical equipment provider, wholly owned by Ballad Health, adding unaudited revenue of $6.6M, entered into a joint venture to acquire a 60% ownership interest in Hart Medical Equipment, adding unaudited revenue of $60 million and $7 million of Adjusted EBITDA, and stabilized its revenue. 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, 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.”