Quipt Home Medical Confirms Receipt of Forager’s Repetitive Undervalued Offer; Board Denounces Inferior Terms and Self-Serving Tactics

Core Viewpoint - Quipt Home Medical Corp. has received a new unsolicited acquisition proposal from Forager Capital Management, LLC at a price of US$3.10 per share, which follows previous offers that were deemed inadequate by the Company's Board [1][3]. Group 1: Acquisition Proposals - The latest proposal from FCM is a reduction from an earlier offer of US$3.90 per share made in January 2025, which represented a 26% premium over the current offer [2]. - The Board of Directors rejected the January Proposal, citing that it undervalued the Company and did not serve the best interests of shareholders [3]. - FCM has made multiple offers without engaging through the Company's financial advisor, raising concerns about its credibility and intentions [5]. Group 2: Company Developments - Since the January Proposal, the Company has made strategic acquisitions, including a full-service durable medical equipment provider with an unaudited revenue of US$6.6 million and a joint venture for a 60% stake in Hart Medical Equipment, contributing an additional unaudited revenue of US$60 million and US$7 million in Adjusted EBITDA [4]. - The Company aims to enhance shareholder value by expanding its service offerings in in-home monitoring and chronic disease management, focusing on patients with various health conditions [7]. Group 3: Board's Position - The Board, advised by Truist Securities, remains committed to protecting long-term shareholder value and is open to engaging with FCM if it complies with confidentiality agreements [6].