Having said nothing publicly on its takeover for four months, RamsayIt’s crunch time for Ramsay Health Care’s $30 billion takeover.The PE firm and its backers have been unable to get due diligence in France, where Ramsay owns 52.8 per cent of hospitals group Ramsay Sante, and do not want to bid blind with a binding deal for the company as a whole.
Ramsay’s board, advised by UBS and Goldman Sachs, doesn’t like alternative proposal and called it “meaningfully inferior” to the offer that got KKR inside the data room. KKR would likely argue Sante’s scrip is grossly undervalued in that scenario, given its illiquidity, but that’s a side point.“Ramsay continues to actively engage with the Consortium to progress the Indicative Proposal. The Board will update Ramsay shareholders in due course,” Ramsay said in its statement.
It sets the scene for an interesting call with Ramsay investors on Friday morning. The bulls argue this is the start of the final MThere’s been plenty happening at Ramsay in the past six months, but investors have been able to sweep it all under the carpet while KKR was there at $88 a share and making progress on its bid.
Source: Healthcare Press (healthcarepress.net)
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