KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternative proposal in more detail.
It is understood KKR sent a letter to Ramsay’s board on Friday morning, telling them it was no longer offering $88 a share on a whole-of-company basis per itsKKR, bidding alongside a consortium of deep-pocketed funds and having been unable to gain access to due diligence at Ramsay’s operations in France, wants to acquire Ramsay’s Australian operations and spin its 52.8 per cent holding in France’s Ramsay Sante back to Ramsay 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 KKR, having been unable to get diligence at Sante, has moved on and withdrawn that offer.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.
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