Australia's Estia Health hits near 5-year high on sweetened $552 mln bid

Estia Health

07/06/2023 03:17

** Shares of Estia Health  EHE.AX  rise as much as 18.8% to
A$3.03, their highest level since September 2018
    ** Co receives sweetened takeover offer from private
investment firm Bain Capital that values the aged-care operator
at A$826.8 mln ($551.97 mln)
    ** Bain Capital offers A$3.20 per share, a 25.5% premium to
EHE's last close and above prior offer of A$3.00 apiece
    ** EHE intends to recommend shareholders vote in favour of
the offer if Bain Capital makes a final offer in line with the
revised non-binding bid
    ** Under revised bid, EHE also allowed to pay ordinary
dividends of up to A$0.12 cash per share
    ** EHE marks its biggest intraday pct jump since March 24;
about 1.4 mln shares change hands, vs the 30-day average of
347,458 shares
    ** EHE top gainer in the ASX All Ordinaries index  .AORD 
    ** Up 23.2% this year, as of last close, vs a 1.4% increase
in the ASX All Ordinaries index

($1 = 1.4979 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))