Quipt Home Medical Corp. (Nasdaq: QIPT) did not hold back in describing an unsolicited Aug. 25 acquisition bid from Forager Capital Management (FCM) — the latest unsolicited bid from Forager this year.
In an Aug. 27 press release, Quipt — a Wilder, Kentucky, home medical equipment provider specializing in respiratory care — confirmed it had received “another unsolicited, non-binding and indicative proposal dated Aug. 25, 2025, from Forager Capital Management LLC to acquire all of the company’s issued and outstanding common shares for $3.10 per share.”
The August offer follows an offer from Birmingham, Alabama-based FCM, disclosed in May, to acquire Quipt for $3.10 per share, and a January offer to acquire all shares for $3.90 per share — “26% more than they are currently offering,” Quipt pointed out.
Quipt added that FCM “for some reason chose not to comply with U.S. securities laws and publicly report the January proposal in an amended schedule 13D.”
‘Undervalued’ January proposal from FCM
Quipt’s board of directors reviewed the proposal, but declined after “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.”
Given that the board turned down a significantly higher FCM offer in January, “It is therefore unclear how FCM thinks the August proposal should be taken seriously by the board or any shareholders of the company.”
Quipt also pointed out how its value has grown since January.
“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 $6.6 million; 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,” Quipt said of its achievements.
Quipt also objected to how FCM has presented its acquisition proposals.
“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,” Quipt said. “On numerous occasions, FCM has repeatedly chosen not to engage through the company’s appointed financial advisor, Truist Securities Inc., 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.”
Its stance could shift, Quipt indicated, “if FCM agrees to enter into and actually comply with a confidentiality agreement with the company.” In that case, “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.”
Quipt said its board “remains firmly committed to safeguarding and enhancing long-term shareholder value” and added it “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.”
