 |
December 14, 2007 |
|
|
|
 |
SYMBION HEALTH: Board Still Rejects Primary Health's Offer The board of Symbion Health Ltd. told shareholders to reject Primary Health Care Ltd.'s AU$2.65 billion offer, reiterating that its offer price "does not adequately compensate" the holders, Helen Schuller writes for Egoli News. According to the report, Symbion Chairman Paul Mcclintock said that Primary received acceptances to increase its interest by just 12.86% above its pre-bid holding to a total interest of 32.86%, which is short of the minimum 50.1% acceptance needed. Teresa Ooi of The Australian reports that only Schroders Investment Management, which owns 8% of Symbion and 6.6% of Primary, was one of two investors who accepted Primary's offer. The 50.1% acceptance offer, states The Australian, was needed by Primary's Edmund Bateman to swing the takeover in his favor and make his offer unconditional; Mr. Bateman now has no choice but to revert to his conditional offer, which required 90% acceptance when its offer expires on January 7. Healthscope Ltd., after two previous failed attempts to secure Symbion, boosted its stake to 10.96% to make sure it would have a say in the final outcome when Symbion's imaging and diagnostic assets are finally carved up, relates The Australian. The Troubled Company Reporter Asia-Pacific reported on Dec. 12, 2007 that Healthscope is open to discussing with Symbion and Primary regarding any "proposal that maximizes value for all parties" if only it were not restricted to stop talking to Primary without Symbion's consent until January 26, 2008. Mr. McClintock is quoted by Egoli as saying, "The Symbion Health board will continue to act in all shareholders interests and will only recommend that shareholders sell their shares if we believe that shareholders are getting appropriate value for their shares." 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 Ba1issuer 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.
