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February 13, 2008 |
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SYMBION HEALTH: Primary Health Gets 52.3% Percent Acceptances As widely reported, Primary Health Care Ltd. has secured 52.3% of shareholder acceptances at Symbion Health Ltd. As a result, Primary has declared its AU$2.7-billion (US$2.4 billion) acquisition offer unconditional, meeting the two conditions set by Symbion's board for it to endorse the deal. The Sydney Morning Herald confirms in a report that Symbion's board has indeed endorsed to the rest of its shareholders Primary's offer. The board had previously rejected the offer but later changed its decision and told Primary that it will get the board's support if it obtains at least 50.1% acceptances, and it will declare the offer unconditional. According to Bloomberg News, Primary Health's taking control of Symbion ends a yearlong battle with Healthscope Ltd. The acquisitions would also give its Managing Director Edmund Bateman 36% of Australia's AU$2.1 billion pathology market. To fund the acquisition, Fairfaxdigital says Primary Health launched an eight-for-five accelerated renounceable pro-rata entitlement offer at AU$5.40 per share to raise the money. Bloomberg adds that Primary has borrowed AU$534.3 million to fund its bid 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). |
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