There’s fresh hope on the horizon for a binding all cash bid at Ramsay Health Care, with KKR & Co renewing its push for due diligence on the hospital group’s French assets.
There’s fresh hope on the horizon for a binding all cash bid at Ramsay Health Care, with KKRKKR’s pushing for due diligence on Ramsay’s French assets.- and having tested it with institutional investors in Australia and offshore - it is understood Ramsay has received a new request for due diligence on its French business, Ramsay Sante.
Sources said the request was lobbed after Ramsay Sante’s second-biggest shareholder, Predica, was finally warming to the idea of KKR trawling through the company’s books. KKR is also an investor in Ramsay Sante’s rival, Elsan, via one of its other funds. Should KKR get diligence in France, it would remove a stumbling block that had held up its efforts to turn an $88 a share indicative bid into a binding offer. Bankers reckon KKR finished due diligence on the Australian assets weeks ago.. The plans, as tested with Ramsay investors a few weeks ago, could’ve seen KKR acquire Ramsay’s core Australian business, which accounts for the bulk of the company’s value, and spin-off its Ramsay Sante stake to existing investors.
Should Predica relinquish, and KKR get its due diligence in France, the discussed deal could go full circle, to one where KKR would make an all-cash offer for the company as a whole and take regulatory risk in France. It’s another twist in a four-month battle for Ramsay. KKR rocked up with an $88 a share indicative bid in March, having been in talks with the company and its biggest shareholder for months, and started due diligence on a non-exclusive basis soon after.. It has said nothing about the talks since, although its bankers at UBS and Goldman Sachs have been keeping in touch with investors. KKR is advised by Barrenjoey and Credit Suisse.
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