Debt-ridden Quarto Publishing turned down a buyout offer from US investor and former hedge fund executive Richard Hurowitz multiple times last year, rejecting his proposals in early October and again in mid-November, the FT reported. Hurowitz offered 100 pence a share, or approximately £20.5 million, and was advised by investment bank Greenhill. Though desperate for funds, Quarto rejected his offer without notifying their public investors. Hurowitz’s offer was — and remains — well above Quarto’s stock price, since the market doubts whether the company is viable. Quarto has roughly $54 million due in bank debt and another $13 million short-term […]
