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Brookfield gets extension for exclusive takeover talks with Healthscope

Healthscope Ltd. agreed to extend its exclusive takeover talks with private equity firm Brookfield Capital Partners Ltd. to Jan. 18, 2019, from Nov. 12.

The Australian private hospital operator, which also has pathology operations in New Zealand, said Dec. 21 that Brookfield Capital intends to proceed with its proposal to acquire all Healthscope shares by way of a scheme of arrangement valued at A$2.585 per share.

If that fails, Brookfield Capital confirmed it will buy the company via an off-market takeover for A$2.455 per share, including an interim dividend of as much as 3.5 Australian cents per share for the six-month period ending Dec. 31. The prospective buyer is proposing to pay part of the takeover consideration through dividends or capital returns without reducing the total cash payable to Healthscope shareholders. Brookfield Capital Partners is a unit of Canadian asset manager Brookfield Asset Management Inc.

Healthscope separately said the same day that a consortium including BGH Capital Pty. Ltd. notified the company of its intention to commence due diligence immediately with respect to its nonbinding acquisition offer of A$2.36 per share in cash. The company has already rejected the offer, and had previously denied due diligence access to the consortium.