Partners Group has launched a A$2.1bn (€1.3bn) takeover bid for Healius, a day after becoming a substantial shareholder in the Australian medical group.
The global private markets investment manager, which acquired a 15.88% stake in ASX-listed Healius yesterday, is offering A$3.40 cash per share.
It bought options to the shares from Chinese company Jangho, which made an unsuccessful A$2bn bid for the Healius last year.
The bid came hours before Healius announced its half-year results, and to update the market on its strategic review.
Malcolm Parmenter, Healius’ managing director and chief executive officer, said: “Through our recent strategic review, organisational redesign and sustainable improvement programme, we have developed a clear pathway to cost efficiency, portfolio simplification, and growth initiatives in order to maximise shareholder value.
“As a part of this, we have today confirmed that we intend to explore a sale process of part or all of the medical centres business to focus on a range of growth initiatives in the diagnostic divisions and, in time, the day hospital business.”
Healius operates five hospitals, day hospitals, medical centres, pathology testing laboratories and medical imaging services.
The Healius board said it would assess the proposal, which is subject to a six- week due diligence period, and keep the market informed in accordance with disclosure obligations.
“The board has not yet formed a view on whether the price offered under the proposal represents an appropriate value for Healius in the context of a control transaction or in light of the other strategic initiatives currently being explored by Healius,” a board statement said.
“Healius shareholders do not need to take any action in relation to the proposal at this stage and there is no certainty that the proposal will result in a transaction.”