M&A

M&A

Undone: Staffing firm Quess drops Allsec merger plans on investor dissent

Mint  

Opposition from minority investors of AllSec Technologies Ltd and a 34% plunge in Bengaluru-based Quess Corp's share price has prompted the board of the staffing firm to withdraw its merger plans with AllSec, six months after it proposed to do so. The development marks a rare episode of minority investors prevailing over promoters. The company's public investors believe the fair price of Allsec shares should be INR 707 apiece, far more than the INR 463 valued by Quess. According to the announcement on 22 June, Allsec's minority shareholders were to get 74 shares of Quess for every 100 shares in Allsec in an all-stock deal.