has recommended BGH Capital’s latest bid, three days after the IVF provider invoked an “out provision” in its sale deal with a rival bidder, the UK-based private equity firm CapVest Partners.was not in the best interests of Virtus shareholders given the revised BGH unconditional offer.BGH’s on-market $8.15 per share bid on Tuesday night – the ninth offer Virtus has received since December – values the equity in Virtus at nearly $698 million.
The Virtus board unanimously recommended that shareholders back the higher BGH offer in the absence of a superior proposal, and subject to the independent expert continuing to conclude that the revised offer is fair and reasonable. BGH’s offer period will be automatically extended for 14 days if, within the last seven days of the offer period, BGH amasses a stake of more than 50 per cent. Virtus said it is in talks with BGH about the payment of a special fully franked dividend.
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