(Alliance News) - Mediclinic International PLC on Thursday reported that it received a fourth takeover offer from the consortium SAS Shipping Agencies Services Sarl that it is "minded" to recommend to shareholders.
Shares in Mediclinic International were trading 7.5% higher at 475.20 pence each in London on Monday. The shares were 9.3% higher in Johannesburg at ZAR95.55.
The Stellenbosch, South Africa-based private hospitals operator said it received three further takeover offers from the consortium, after it rejected the its first offer in June.
The initial offer proposed 463 pence per Mediclinic share, which values the company at around GBP3.4 billion.
Mediclinic reported that the latest proposal valued its individual shares at 504 pence. This represents a premium of 35% to its share price of 373 pence on May 25. Further, it is an increase of 41 pence per share, or 8.9%, from the initial proposal received in June.
Mediclinic decided that the fourth and latest offer provides an "attractive alternative" to continuing as an independent company.
Therefore, it said it would be "minded" to recommend a firm offer to its shareholders, should one be made on the terms of this proposal, Mediclinic said.
"The independent board has therefore decided to continue discussions with and grant diligence access to the consortium in order to progress the latest proposal for the company," Mediclinic stated.
Due to these ongoing discussions, the company requested and was granted an extension to the "put up or shut up" deadline. The consortium now has until August 4 now to make a firm offer.
SAS Shipping Agencies Services Sarl is a consortium comprising Johannesburg-listed Remgro Ltd and MSC Mediterranean Shipping Co SA.
It is being backed by South African billionaire Johann Rupert. Remgro already owns nearly 45% of Mediclinic. Rupert currently serves as chair of the investment holding company.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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