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Capitol Health will not increase takeover offer for Integral; bid to lapse

Capitol Health Ltd. said it will not increase, extend or waive any conditions in its offer to fully acquire Integral Diagnostics Ltd., describing its bid as "best and final."

The company said it is disappointed by the response of Integral's board, which had earlier asked shareholders to reject the takeover offer.

Capitol Health said it is in the best interests of its shareholders to let the offer lapse, adding that it is no longer requiring Integral shareholders who entered pre-bid agreements with it to vote in favor of the acquisition.

The Australian operator of diagnostic imaging facilities had offered 6.9 of its fully paid ordinary shares and 36 Australian cents in cash for each share of Integral.

In a separate statement, Integral said prior discussions between the companies were preliminary, and neither conducted due diligence.