The takeover target is still willing to engage on the cash offer of $88 per share but it has axed an alternate plan which would see its shareholders own an ongoing stake in French hospital operator Ramsay Sante.
After months of silence, Ramsay Health Care says it is willing continue takeover talks on an all cash offer of $88 per share from suitor KKRCo, but it has axed an alternate plan that would allow its shareholders to own a stake in French hospital operator Ramsay Sante.
Ramsay was forced to put a late update on Thursday evening ahead of its full-year results on Friday because Ramsay Sante planned put out a statement overnight on the Euronext exchange about the long-running battle for the global hospitals operator.and has executives on the French group’s board including CEO Craig McNally, who is also Sante chairman, and chief financial officer Martyn Roberts.
Under this plan Ramsay shareholders would be able to elect to receive 100 per cent cash consideration of $88 per share for their first 5,000 Ramsay share. Those exceeding 5,000 shares would receive $78.20 cash; and about 0.22 Ramsay Santé shares. Ramsay’s board led by Michael Siddle views the alternate proposal as inferior given the illiquid nature of the Ramsay Sante scrip.
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