Australia's Estia Health opens books to Bain Capital for improved offer (updated)

Estia Health

04/04/2023 09:51

(Adds details on current proposal, background)
       April 4 (Reuters) - Australian aged-care provider Estia Health Ltd  EHE.AX  said on
Tuesday it will provide its suitor Bain Capital with a limited period of access to the company's
non-public financial and other information on hopes of a revived and improved proposal. 
    Late in March, Estia received a non-binding buyout proposal from the U.S. private investment
firm for A$775.1 million ($523.11 million). The proposal implies a value of A$3.00 per share,
which was at a 28.2% premium to Estia's close at the time of receiving the offer. 
    "The board does not regard the indicative proposal as compelling having regard to price and
conditionality," Estia said in a statement. 
    The Sydney-based company said it plans to hold back on acquiring shares under its recent
on-market share buyback program keeping in mind its engagement with Bain, which is preliminary
in nature.  
        
  

($1 = 1.4817 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru; Editing by Uttaresh Venkateshwaran and Shailesh Kuber)
 ((Roushni.Nair@thomsonreuters.com;))