KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternate proposal in more detail.
However, it is firmly of the view that the private equity firm and its syndicate should stick to all-cash offer that got them into due diligence in the first place, or improve the terms of its alternate proposal.Ramsay disclosed the terms of KKR’s alternative proposal on Thursday night, as the hospitals group and its French business Ramsay Sante were preparing to release earnings updates to investors.
Ramsay’s small parcel holders - those with 5000 shares or less, which is by far the majority of the group’s investors by number - would get $88 all cash, while those with more than 5000 shares would receive stock in Sante. KKR, having been unable to get diligence at Sante, has moved on and withdrawn that offer. It wants to talk about the alternate proposal.
Sante, despite representing only about one-tenth of Ramsay’s value, was always going to be the stumbling block. KKR owns a stake in Elsan, the other big French hospitals group, while Sante has some strong-minded directors who were never going to let the PE in for due diligence without some assurances. KKR would’ve known it.
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