Shares in Australian later-life care provider Estia Health have risen to a near five-year high after global private equity firm Bain Capital agreed to pay AUD838m ($551.3m) to acquire the business, according to a report by Reuters.
The report cites Sydney-based Estia as confirming on Monday that it had signed a deal to finalise the takeover at AUD3.20 per share, which represents a 25.5% premium to the company’s stock closing price on 6 June, before the offer was first disclosed.
Shares of Estia Health were reportedly trading up 9.9% at AUD3.12 as of 00:45 GMT on Monday, their highest since September 2018.
