Australia's Estia Health agrees to $543 million takeover offer from Bain Capital (updated)

Estia Health

06/08/2023 23:51

(Updates with background in paragraphs 2-5)
       Aug 7 (Reuters) - Australia's Estia Health  EHE.AX  on
Monday said it had signed a deal to be taken over by U.S.
investment company Bain Capital for A$826.8 million ($543.46
million). 
    The A$3.20 per share proposal represents a 25.5% premium to
the aged care operator's stock's closing price on June 6, before
the offer was first disclosed.
    In June, the company updated the market on its intentions to
back Bain Capital's sweetened takeover offer after providing
limited access to its books to the suitor in April.
         "The Board is confident as to the outlook for the
business, however, recognises that the scheme allows
shareholders to realise certain cash value now at an attractive
premium," said Estia chair, Gary Weiss, on Monday. 
  
    Estia Health's board unanimously recommended that its
shareholders vote in favor of the proposal.

($1 = 1.5214 Australian dollars)

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Australia's Estia Health soars on sweetened $552 mln bid from
Bain Capital     urn:newsml:reuters.com:*:nL4N37Z00G
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 (Reporting by Rishav Chatterjee in Bengaluru; editing by Diane
Craft and Lisa Shumaker)
 ((Rishav.Chatterjee@thomsonreuters.com;))