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March 24, 2008 |
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SYMBION HEALTH: Primary Extends Offer Period to March 27 In a statement lodged with the Australian Securities Exchange, procurer Primary Health Ltd. had extended its offer period to Symbion Health Limited's shareholders until March 27, 2008. As of March 12, 2008, Primary has a 90.46% relevant interest of the fully paid ordinary shares in Symbion and has been entitled to proceed to compulsory acquisition of the outstanding shares. This means that shares of non-accepting shareholders will be compulsorily acquired in accordance with the Corporations Act. Primary has placed its shares in trading halt yesterday after it took over Symbion Health in a AU$2.65 billion bid, The Sydney Morning Herald reports. According to the report, Primary was reviewing Symbion's operations and had received interest from potential buyers for Symbion's consumer and pharmacy businesses. Primary's plan is to consolidate Symbion as a wholly owned subsidiary following compulsory acquisition. Managing Director, Dr. Edmund Bateman said, "We are pleased to now be able to move to 100% control of Symbion. This will allow Primary to fully consolidate Symbion and will facilitate the extraction of the anticipated synergies." 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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