Australian private equity firm BGH Capital has made a last-ditch offer to wrest IVF player Virtus Health from a rival bidder, pitching an unconditional $8 per share cash offer.
BHG hopes the offer will be appealing enough to let it continue participating in the takeover process, with its unconditional, off-market offer open for acceptances from today., said it has not yet evaluated the BGH takeover bid, but will consider whether it constitutes a “superior proposal” under the terms of the transaction implementation deed that it penned with CapVest.
However, the scheme is likely to have trouble getting up because BGH controls 19.99 per cent of Virtus, and has already said it would block the scheme.BGH is hoping that Virtus shareholders will not only favour the certainty of its new cash offer, but alsoThe ATO’s tax ruling will not come down until after the shareholder vote on the CapVest deal.Virtus is an international assisted reproductive services provider with operations in Australia, Denmark, Britain, Ireland and Singapore.
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Source: FinancialReview - 🏆 2. / 90 Read more »
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