Despite Ramsay knocking back an offer from KKR, a new bid is still expected, according to Citigroup.
Co to return with a formal bid for Ramsay Health Care, despite the private equity company dramatically pulling its indicative $88 a share all-cash bid for the private hospital operator on Friday.its offer for Ramsay in a move that was seen as putting pressure on the private hospital operator to consider a cash and scrip deal. Had it been successful, KKR’s all-cash proposal would have marked this market’s largest buy-out deal by private equity this year.
“We believe there is a greater than 50 per cent chance of a formal bid,” Citigroup said in a note to clients. Ramsay Australia is the country’s largest private hospital operator, with 73 private hospitals, day surgeries and clinics as well as pharmacy and community psychology practices. The group globally employs 86,000 people.The takeover talks overshadowed Ramsay’s FY22 results, which showed revenue down 3 per cent to $13.75 billion and EBITDA down 10 per cent to $1.83 billion.
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