 |
February 18, 2008 |
|
|
|
 |
SYMBION HEALTH: Primary Mulls Divestment of Some Units Primary Health Care has disclosed last week that its future plan for Symbion Health Ltd. may include divesting some of its assets, The Australian reports. Primary's next move will depend on how much final stake will it obtain. Its purchase offer will expire Feb. 21. Primary Health successfully obtained last week majority control of Symbion after it obtained 53.81% acceptances to its AU$2.65-billion unconditional bid. To support the sale, Primary Health disclosed that it seeks to raise AU$1.23 billion to fund the acquisition. It also launched an eight-for-five accelerated renounceable pro-rata entitlement offer at AU$5.40 per share to raise the money. Bloomberg reported that Primary has borrowed AU$534.3 million to fund its bid for Symbion. According to the Australian, analysts suggest that Primary will likely split Symbion's diagnostics assets with hospitals operator Healthscope, which owns 12% of the company. The analysts believe that Symbion's consumer and pharmacy businesses will be sold. About Primary Health Primary Health Care Limited -- http://www.primaryhealthcare.com.au/IRM/Content/default.htm -- is a service provider to a wide range of health care professionals who provide comprehensive care to patients. Additionally, Primary operates licensed and accredited day surgery facilities, specialist eye clinics and an automated pathology laboratory - SDS Pathology. About Symbion Health Headquartered in Melbourne, Australia, Symbion Health Limited -- http://www.symbionhealth.com/ -- 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.
