Australia's APM Human Services gets $841 mln offer from Madison Dearborn (updated)

APM Human Services International

08/04/2024 24:24

(Adds details on offer, background)
       April 8 (Reuters) - APM Human Services International
 APM.AX  said on Monday its largest shareholder Madison Dearborn
Partners had offered to acquire all shares of the Australian
employment services firm it does not already own for A$1.28
billion ($841.09 million).
    The offer is for A$1.40 per share, a 14.1% discount to APM's
last closing price on March 26, and lower than previous suitor
CVC Asia Pacific's final offer of A$2.00 apiece.
    U.S. private equity firm Madison Dearborn already owns more
than a 29% stake in the company.
    The development comes after private equity firm CVC Asia
Pacific failed to finalize its A$1.83 billion ($1.20 billion)
takeover offer for APM at the end of a four-week exclusivity
period.
        CVC had 
    sweetened
     its offer to A$2.00 per share after APM rejected the
private equity firm's initial A$1.60 apiece offer saying that
the bid did not "sufficiently reflect its fundamental value". 
  
        
  


($1 = 1.5218 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Kim
Coghill)
 ((Himanshi.Akhand@thomsonreuters.com;))