In today’s briefing:
- Ramsay Keeps Door Ajar After KKR’s “Meaningful Inferior” Offer
- MACA’s Target Statement Responds To Thiess’ Offer
Ramsay Keeps Door Ajar After KKR’s “Meaningful Inferior” Offer
- KKR has all-but-abandoned its A$88/share cash offer for Ramsay Health Care (RHC AU), Australia’s largest private hospital group.
- KKR’s alternative proposal involves $88/share for the 5,000 RHC shares, followed by A$78.20/cash + 0.22 Ramsay Generale de Sante (GDS FP) shares thereafter – or an indicative value of A$84.93/share.
- Despite announcing horrible annual results, Ramsay’s board considers the alternative proposal to be meaningfully inferior to the KKR’s indicative proposal of $88.00/share.
MACA’s Target Statement Responds To Thiess’ Offer
- On the 26th July, diversified contractor MACA Ltd (MLD AU) announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to the previous close.
- The Bidder’s Statement was dispatched on the 9 August. After rebuffing NRW Holdings (NWH AU)‘s non-binding proposal, MACA has now dispatched the Target Statement.
- The IE deems the Offer, which remains subject to FIRB and ACCC approvals, to be fair. The first closing date is the 12 September.
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