Australia's APM Human Services gets improved $1.20 bln buyout bid (updated)

APM Human Services International

27/02/2024 23:32

(Adds details on new buyout bid)
       Feb 28 (Reuters) - Australia's APM Human Services
International  APM.AX  said on Wednesday it has received an
improved buyout bid from private equity firm CVC Asia Pacific
Limited, which would value the company at A$1.83 billion ($1.20
billion).
    The new offer price of A$2.00 per share is nearly 25% higher
than the A$1.60 offer it rejected earlier as it did not
sufficiently reflect its "fundamental value"
        The revised offer also represents a 41.8% premium to
APM's last closing of A$1.41 on Feb. 27.  
    APM said its board determined it was in best interests of
shareholders to re-engage with CVC and grant it a four-week
period of exclusivity.
        The revised proposal includes an option for APM
shareholders to elect to receive all or part of their
consideration in the form of shares in an unlisted Australian
public company (HoldCo) which will own 100% stake in CVC Funds,
the company said. 

($1 = 1.5281 Australian dollars)

 (Reporting by Poonam Behura; Editing by Shailesh Kuber)
 ((Poonam.Behura@thomsonreuters.com;))