A KKR-led consortium has told Australia's Ramsay Health Care it will not improve its $14.5 billion cash-and-stock offer for the hospital operator, a move that will likely put a deal on ice.
it will not improve its $14.5 billion cash-and-stock offer for the hospital operator, a move that will likely put a deal on ice.Ramsay operates healthcare facilities across 10 countries and a successful acquisition of the company would represent one of the country's largest ever private equity buyouts.
For investors with larger stakes, the offer was split into A$78.20 per share in Ramsay and 0.22 share in French subsidiary Ramsay Generale de SanteRamsay said in a statement on Tuesday that the KKR group had cited the company's weak business performance, adding it had been told the KKR group would discuss mutually acceptable terms if Ramsay was willing to reset valuation expectations and consider a new proposal.
Sources have previously told Reuters that KKR had not been able to gain access to Ramsay Sante's accounts to carry out due diligence and that this was one of the reasons a revised bid was made. "For Ramsay to now blink and be open for negotiation is possible but the wording and tone in today's announcement suggests there is no deal."
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