(Alliance News) - Mediclinic International PLC said on Monday it expects the takeover by a consortium led by the Johannesburg-listed investment firm Remgro Ltd to be completed in May after getting competition approval in South Africa.
Back in August, Mediclinic accepted a sweetened offer from Manta Bidco Ltd, a consortium comprising Remgro Limited and SAS Shipping Agencies Services Sarl - a subsidiary of MSC Mediterranean Shipping Co SA.
Remgro holds a 45% stake in Mediclinic. The proposed acquisition values Mediclinic at about GBP3.7 billion.
The consortium revised its offer to 504 pence in cash for each Mediclinic share held, up 9.5% from 460p offered in May.
Mediclinic said on Monday the South African Competition Commission and the Competition Tribunal of South Africa had approved the acquisition, meaning all conditions relating to "merger control approvals" had been satisfied.
Manta Bidco is now awaiting approval from the South African Reserve Bank's Financial Surveillance Department.
Subject to receipt of the SARB's approval, sanction of the scheme by the UK court will be sought and the acquisition will become effective, which is now expected to occur by mid-May or soon thereafter.
Shares in Mediclinic were 0.4% weaker at 497.20 pence each in London on Monday morning. The shares were 0.1% higher at ZAR111.07 in Johannesburg. Remgro shares rose by 1.1% to ZAR131.27 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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