Mediclinic International’s board has rejected a takeover bid by its long-time shareholder Remgro and unlikely suitor MSC Mediterranean Shipping Company SA.
The shares of the private hospital group leapt 3.4 percent to R82.52 yesterday morning, while the JSE All Share Index was down 0.81 percent at the same time,
Mediclinic said yesterday it had received an offer from a consortium comprising the Remgro investment group and MSC Mediterranean Shipping Company SA, acting through a subsidiary, SAS Shipping Agencies Services Sàrl.
The unsolicited proposal was received on May 26 and involved a possible cash offer to acquire all Mediclinic’s shares not already owned by Remgro, at 460 pence per share, plus the Mediclinic proposed final dividend for the financial year ended March 31, 2022, of 3 pence per share.
Mediclinic’ closing price was 373 pence on May 25, the last day before the proposal was submitted to its board.
The board said the offer “significantly undervalues Mediclinic and its future prospects”, and on May 31 it rejected the proposal.
Remgro is a long-time 44.6 percent shareholder of Mediclinic.
Remgro said it and MSC were considering their position after the rejection, but if an offer was made it would likely be in cash.
The consortium has until 5pm today to either announce a firm intention to make an offer for Mediclinic or that it does not intend to make an offer.
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