Private investment firm Bain Capital has secured the support of the board of Australia’s Estia Health for its improved AUD826.8 million ($552.05m) offer to acquire the later-life care provider, according to a report by Reuters.
Private investment firm Bain Capital has secured the support of the board of Australia’s Estia Health for its improved AUD826.8 million ($552.05m) offer to acquire the later-life care provider, according to a report by Reuters.
Estia’s shares soared by 19% to a near five-year peak, when the news broke.
The report cites a statement released by Estia Health as revealing that under the terms of the revised proposal, Bain Capital is offering AUD3.20 in cash for every Estia share, which represents a 25.5% premium to the stock’s last closing price, and up from a previous offer of AUD3.00.
