Australian healthcare operator Healthscope announced on 12 November that it has received a fresh takeover bid from Canadian asset management firm Brookfield
The off-market offer of AU$2.455 per share, with a simultaneous scheme of arrangement of $2.55 per share, equates to a total deal value of $4.5bn, superseding a $4.1bn offer made by BGH Capital and its partners in October.
Healthscope rejected bids from both firms in May this year, with Brookfield offering $4.35bn and BGH offering $4.1bn.
The firm said in its statement that it will not provide due diligence access to the BGH Capital-AustralianSuper consortium because Brookfield’s offer is considerably more attractive.
Brookfield has thus been granted exclusive due diligence for a limited time in order to enact a binding offer.
Healthscope added in its statement that it has returned to growth, with projections of double-digit earnings growth for FY19.
Paula Dwyer, Chairman of Healthscope, said in the statement:
“We consider the Brookfield Proposal to be attractive to shareholders. It is superior to the BGH-AustralianSuper proposal and provides enhanced certainty.
“It also offers more options for Healthscope shareholders, including an option to retain an equity exposure to an unlisted Healthscope.”