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Ramsay Health Care unit raises takeover bid for Sweden's Capio


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Ramsay Health Care unit raises takeover bid for Sweden's Capio

Ramsay Générale de Santé SA raised the offer price for its proposed acquisition of Capio AB (publ).

The French unit of Australia's Ramsay Health Care Ltd. increased its bid to purchase all of Capio's shares to 58.0 Swedish kronor per share in cash from 48.5 kronor per share, raising the offer's total value to about 8.19 billion kronor.

Sweden-based Capio — which offers medical, surgical and psychiatric healthcare services through its hospitals, specialist clinics and primary care units in several European countries — has a total of 141,159,661 shares on issue.

Ramsay Générale, a Paris-based operator of clinics and private hospitals, also waived the condition regarding clearances from competition authorities. The offer is no longer subject to Ramsay Générale receiving such clearances. The company said it still anticipates clearance from the French Competition Authority by Oct. 15.

Other conditions of the takeover offer remain unchanged, including Capio not taking any measure that typically is intended to impair the prerequisites for the offer's implementation, such as entering into an agreement to sell Capio France.

Ramsay Générale will fund the increased consideration by drawing down additional debt and increasing the total equity commitments by €100 million.

Capio has until Oct. 25 to decide whether it would accept the takeover offer, but Ramsay Générale may extend that deadline.

In July, Capio's board rejected Ramsay Générale's unsolicited offer, saying it does not adequately represent its fundamental value.

As of Oct. 5, US$1 was equivalent to 9.07 Swedish kronor.