Private investment firm Bain Capital has made a non-binding buyout offer to acquire Australian senior care provider Estia Health Ltd for AUD775.1 million ($517.77 million), according to a report by Reuters, sending shares in the Sydney-based business to a three-year high.
Private investment firm Bain Capital has made a non-binding buyout offer to acquire Australian senior care provider Estia Health Ltd for AUD775.1 million ($517.77 million), according to a report by Reuters, sending shares in the Sydney-based business to a three-year high.
Bain’s AUD3.00 cash per share proposal, which represents a 28.2% premium to Estia’s last closing price prior to news of the bid emerging, is being considered by the firm’s board to determine whether it is in the “best interest of shareholders”, according to a company statement.
According to Reuters, last month, Estia posted a net loss from ordinary activities after tax attributable for the six months ended 31 December of AUD25.3 million, compared to a loss of AUD8.1 million for teh same period last year.
