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Ramsay Generale lowers ownership condition for Capio acquisition

Ramsay Générale de Santé SA said the 8.19 billion kronor acquisition of Capio AB (publ) is now contingent upon it acquiring more than 75% shares on a diluted basis, compared to its previous condition of acquiring more than 90% ownership in the Swedish company.

Capio recommended that its shareholders accept the offer following the revision. The company offers medical, surgical and psychiatric healthcare services through its hospitals, specialist clinics and primary care units in several European countries recommended that its shareholders accept the offer following the revision.

Capio's board also decided to withdraw its proposal for a proposed sale of its French operations under Capio Santé SA and canceled a shareholder meeting planned for Oct. 18. Other conditions of the takeover offer remain unchanged.

French hospital operator Ramsay Générale, a unit of Australia's Ramsay Health Care Ltd., had increased its bid to buy all of Capio's shares to 58 Swedish kronor per share in cash from 48.5 kronor per share. Ramsay had also waived the condition regarding clearances from competition authorities, as it expects approval from the French Competition Authority by Oct. 15.

Ramsay's offer will expire Oct. 25 unless it decides to extend it. Capio had initially declined an unsolicited offer in July from Ramsay, stating that it did not adequately reflect the Swedish healthcare provider's fundamental value.

Crédit Agricole Corporate and Investment Bank and Rothschild & Co. are acting as financial advisers while Bredin Prat and Gernandt & Danielsson Advokatbyrå are serving as legal advisers to Ramsay in relation to the offer.

As of Oct. 9, US$1 was equivalent to 9.12 Swedish kronor.