Quarto Group has officially left the London Stock Exchange’s main markets, and all its common shares have been canceled. The U.K.–based publisher began the process in late 2023, explaining that being a publicly-listed company has become too costly and burdensome. The plan was overwhelmingly approved by shareholders in December.

To accommodate shareholders who would rather cash out their shares than see them transferred to the private company, Quarto has moved head with a plan to buy back a limited number of shares through a tender offer. Under the offer, Quarto will buy back 11,276,774 common shares at a purchase price of £1.50 per share, making the value of the offer just under £17 million.

Quarto noted that it has almost 41 million shares outstanding, but said that two of its biggest shareholders, Lion Rock Group and Andrea Giunti Lombardo, had agreed not to participate in the offer. Unless extended, the tender offer will expire on February 15.

Among the reasons Quarto executives cited for delisting its share was that it will result in costs savings and administrative and transactional efficiencies, while also giving the company the flexibility to close future acquisitions more quickly. Though based in the U.K., the U.S. is Quarto's largest market.