 |
November 26, 2007 |
|
|
|
 |
SYMBION HEALTH: Says Primary Made Misleading Comments Symbion Health Care Ltd. has accused Primary Health Care Ltd. of making negative comments in its bidder's statement, Alex King writes for Egoli News. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 12, 2007, Primary announced its intention to make an all cash offer of AU$4.10 per share for all of the outstanding shares in Symbion Health. Primary owns approximately 20% of Symbion. Symbion, according to the Egoli report, said that Primary made misleading and deceiving comments in relation to Healthscope's proposed takeover of Symbion in Primary's bidder's statements, associated announcement and investor presentation in addition to other subsequent announcements. The valuation information prepared by the independent expert in Primary's statement was materially misleading and that there was deficient disclosure of Primary's intentions in the event that it acquires a relevant interest of less than 90%, Egoli cites Symbion as stating. Egoli relates that Symbion has requested Primary to rectify the issues and ensure that Symbion shareholders do not continue to be misled. In addition, Symbion expressed that it reserves its rights to file an application with the Takeovers Panel or to take other actions it considers appropriate to ensure that its shareholders are not misled, adds Egoli. About Symbion Health Symbion Health Limited, headquartered in Melbourne, is a diversified Australian domestic health care business. Most of its earnings are derived from the provision of pathology and diagnostic imaging services. The company also manufactures and markets vitamin and mineral supplements (consumer nutriceuticals). In addition, it operates a wholesale medical products distribution network, focusing on the distribution of prescription drugs to pharmacies and hospitals. * * * On Jan. 30, 2007, Moody's Investors Service placed the Ba1 issuer rating of Symbion Health Limited on review for possible downgrade after the company's announcement that it has received an ownership proposal from Primary Health Care Limited (unrated). |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
