(Bloomberg) -- Former dealmakers at Macquarie Group Ltd. and TPG Capital launched a A$4.11 billion ($3.1 billion) takeover offer for Healthscope Ltd., swooping on the Australian hospital operator after a share-price slide.
Private-equity firm BGH Capital and investors including AustralianSuper and Ontario Teachers' Pension Plan Board offered A$2.36 a share in cash, Healthscope said in a statement Thursday. That's 16 percent more than the stock's most recent close on April 24. Healthscope said it's assessing the offer.
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BGH Capital was founded last year by a trio of dealmakers including Robin Bishop, the former head of Macquarie's investment banking operations in Australia and New Zealand. BGH Capital has gained a foothold in Healthscope by teaming up with AustralianSuper, Australia's biggest pension fund, which currently owns about 14 percent of the health-care provider.
“The Healthscope board has commenced an assessment of the proposal and will keep the market informed of any material developments,” the Melbourne-based company said in its statement. Shareholders don't need to take any action and there's no guarantee the approach will lead to a deal, the company said.
Healthscope shares have tumbled 35 percent from a September 2016 high of A$3.14. The company operates 45 hospitals in Australia, and has pathology operations across New Zealand, Malaysia, Singapore and Vietnam, according to its website.
According to Healthscope, conditions of the offer include:
- Due diligence
- Debt finance for the acquisition
- Approval from Australia's Foreign Investment Review Board
- Unanimous recommendation from Healthscope's board
To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net.
To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net, Edward Johnson at ejohnson28@bloomberg.net, Jeff Sutherland, Peter Vercoe
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