In today’s briefing:
- Estia Health (EHE AU): Bain Capital’s A$3.00 Offer
Estia Health (EHE AU): Bain Capital’s A$3.00 Offer
- Estia Health (EHE AU) confirmed it has received a non-binding indicative proposal from Bain Capital at A$3.00 per share, a 28.2% premium to the undisturbed price (23 March).
- The offer is attractive in comparison to historical share prices and multiples and implies a premium to Regis Healthcare (REG AU)’s (the key peer) multiples.
- However, the offer is light in comparison to precedent transactions multiples. The largest shareholder has also suggested the terms are light, which suggests a requirement for a bump.
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