Ramsay Health Shares Jump 30% Following KKR-Led Proposal
April 19 2022 - 8:58PM
Dow Jones News
By Stuart Condie
SYDNEY--Shares in Ramsay Health Care Ltd. jumped to a near
record high after the Australian private-hospital operator received
a takeover proposal from a KKR & Co. Inc.-led consortium.
Ramsay on Wednesday said the consortium submitted a non-binding
indicative proposal worth A$88.00 per share in cash. That
represents a 37% premium to Tuesday's closing share price of
A$64.39 and values the company's equity at 20.1 billion Australian
dollars (US$14.9 billion).
The stock jumped as much as 30% in early trade to A$83.55,
nearing the A$84.08 reached in September 2016. It was recently up
27% at A$82.05, making it the best-performing ASX 200 stock.
Ramsay disclosed the proposal following what it called media
speculation, noting that the consortium requested the proposal be
kept confidential and could now withdraw. The ASX-listed company
opened its books to the consortium on a non-exclusive basis.
Ramsay said it was continuing to explore the potential sale of
its Asian joint venture, Ramsay Sime Darby. Ramsay and partner Sime
Darby Holdings Bhd. last month received a takeover proposal from
IHH Healthcare Bhd. at a conditional enterprise value of about
US$1.35 billion.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
April 19, 2022 20:43 ET (00:43 GMT)
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