 |
January 15, 2008 |
|
|
|
 |
SYMBION HEALTH: Primary Extends AU$2.7-Bil Offer to February 7 Symbion Health Ltd.'s procurer, Primary Health Care Ltd., has extended, for the second time, its AU$2.7-billion offer for its rival to February 7 from January 21, Ben Wilson writes for Reuters. Reuters did not note of any specific reason for Primary's extension of the bid offer. The Troubled Company Reporter-Asia Pacific reported on Jan. 2, 2008, that Primary first extended its offer period to January 21 from January 7. In a statement filed with the Australian Securities Exchange on January 11, Primary currently has 14.92% shares through the institutional acceptance facility, plus 21.23% of relevant interests in Symbion. Primary now has a total of 36.15% of shares in Symbion. Primary has been vying with Healthscope Ltd. for control of Symbion's pathology, diagnostic imaging and medical centers assets as Australia's healthcare sector is set for rapid growth as the population ages and use of private health insurance increases, says Reuters. Reuters recalls that Healthscope has seen two bids for Symbion fail in recent months, one blocked by Primary and the other by an adverse tax ruling. Reuters adds that Symbion shares fell after the announcement, reflecting investor doubt that the eal will go ahead. Investors, according to the report, are waiting to see if Healthscope comes up with another offer for Symbion. 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.
