Australia's Estia Health gets $517.7 mln takeover bid from Bain Capital (updated)

EML Payments

23/03/2023 23:56

(Adds details on proposal, background)
       March 24 (Reuters) - Australian aged-care provider Estia
Health Ltd  EHE.AX  said on Friday it received a non-binding
buyout proposal from U.S. private investment firm Bain Capital
for A$775.1 million ($517.77 million).
    The A$3.00 cash per share proposal, which is at a 28.2%
premium to Estia's last close, is among the latest proposals by
a private equity firm since last year amid increasing merger and
acquisition activity in Australia. 
    The board of Estia Health is considering the indicative
proposal to assess whether it is in the best interests of
shareholders to engage with Bain Capital, the company said in a
statement.
    Estia last month posted net loss from ordinary activities
after tax attributable for six months ended Dec. 31 of A$25.3
million, compared to a loss of A$8.1 million a year prior. 
    In April last year, EML Payments  EML.AX  was in talks with
Bain Capital for a potential buyout, but the company said the
talks had ceased without an agreed deal.

        
  

($1 = 1.4970 Australian dollars)

 (Reporting by Ayushman Ojha; Editing by Rashmi Aich)
 ((Ayushman.Ojha@thomsonreuters.com;))