Quadrant Private Equity and QANTM both receive legal advice from...

Quadrant Private Equity and QANTM both receive legal advice from the same law firm. See https://www.gtlaw.com.au/people/peter-cook and Experience.

It might be lesser-known now, but back on November 27, 2018, IPH expressed an interest in purchasing QANTM for $1.80 per share, valuing the company at $230 million. Source:
https://www.iphltd.com.au/wp-content/uploads/2018/11/ASX-Announcement-Response-to-Media-Speculation-271118.pdf
https://www.iphltd.com.au/wp-content/uploads/2018/11/ASX-Release-Clarification-regarding-IPH-proposal-to-acquire-QANTM.pdf

However, this proposal was declined during Leon Allen's tenure (he stepped down in September 2019) as the Managing Director of QANTM. Recall that QANTM had a market valuation of $295 million when it was listed.

Now, the current offer from Adamantem Capital values QANTM at $254 million.