Ramsay Health Care Makes Increased Final Offer for Spire Healthcare
July 05 2021 - 9:40AM
Dow Jones News
By Joe Hoppe
Ramsay Health Care Ltd. said Monday that it has made an
increased all-cash final offer for U.K. rival Spire Healthcare
Group PLC, valuing the business at an enterprise value of around
2.11 billion pounds ($2.92 billion).
The Australian hospital operator said that under the terms of
the final offer, Spire shareholders will receive 250 pence a share
in cash, a premium of 30% to the closing price of 193 pence a share
on the latest practicable date.
The final price is an increase from the 240-pence offer
previously made to Spire on May 26, which Spire management
unanimously recommended its shareholders accept. Spire said
separately on Monday that the increase follows extensive engagement
with its shareholders.
Ramsay Chief Executive Craig McNally said the offer provides
Spire shareholders an ability to realize a premium on their
investments at attractive values, without further risk.
The acquisition will be funded by existing debt facilities and
Ramsay has already secured undertakings to vote in favor of the
scheme from shareholdings representing about 30.4% of Spire's
issued share capital.
Spire said that it unanimously recommends shareholders vote in
favor of the increased final offer at the court meeting and general
meeting, set for next Monday.
Shares in Spire in London at 1314 GMT were down 4.0 pence, or
1.6%, at 243.5 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 05, 2021 09:36 ET (13:36 GMT)
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