KKR Pulls $88 All-Cash Bid for Ramsay Health Care

The Australian Financial Review2022-08-26

KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternate proposal in more detail.It is understood KKR sent a letter to Ramsay’s ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Ironbark
2022-08-29
Ironbark
We'll see where they go from here
xiaobaii
2022-08-26
xiaobaii
like & comment please
Longshot
2022-08-26
Longshot
Ok

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2262994778?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-08-26 11:52","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2262994778","market":"us","top_or_hot":-1,"title":"KKR Pulls $88 All-Cash Bid for Ramsay Health Care","media":"The Australian Financial Review","content":"<div>\n<p>KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternate proposal in more detail.It is understood KKR sent a letter to Ramsay’s ...</p>\n\n<a href=\"https://www.afr.com/street-talk/kkr-pulls-88-all-cash-bid-for-ramsay-health-care-20220826-p5bczw\">Source Link</a>\n\n</div>\n","source":"afr_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Pulls $88 All-Cash Bid for Ramsay Health Care</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Pulls $88 All-Cash Bid for Ramsay Health Care\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-26 11:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.afr.com/street-talk/kkr-pulls-88-all-cash-bid-for-ramsay-health-care-20220826-p5bczw><strong>The Australian Financial Review</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternate proposal in more detail.It is understood KKR sent a letter to Ramsay’s ...</p>\n\n<a href=\"https://www.afr.com/street-talk/kkr-pulls-88-all-cash-bid-for-ramsay-health-care-20220826-p5bczw\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7113","symbol_name":"保健护理机构","start_time":0,"source_url":"https://www.afr.com/street-talk/kkr-pulls-88-all-cash-bid-for-ramsay-health-care-20220826-p5bczw","article_id":"2262994778","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2262994778","pubTimestamp":1661485969,"columns":[],"sourceInfo":{"source_id":"afr_stock","name":"The Australian Financial Review"},"weMediaInfo":null,"summary":"KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like","collect":0,"end_time":0,"defaultTopTitle":"afr.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7113":"保健护理机构","RHC.AU":"RAMSAY HEALTH CARE LTD","BK4135":"资产管理与托管银行","KKR":"KKR & Co L.P."},"translate_title":"KKR以88美元的全现金出价收购拉姆齐医疗保健公司","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KKR":1,"RHC.AU":1},"content_text":"KKR has pulled its $88 a share all-cash offer Ramsay Health Care, and told the company it would like to discuss its alternate proposal in more detail.It is understood KKR sent a letter to Ramsay’s board on Friday morning, telling them it was no longer offering $88 a share on a whole-of-company basis.KKR, having been unable to gain access to due diligence at Ramsay’s operations in France, wants to acquire Ramsay’s Australian operations and spin the French arm back to Ramsay investors.Ramsay went into a trading halt on Friday morning, to consider its position.Ramsay’s board is understood to be keen to engage with KKR. However, it is firmly of the view that the private equity firm and its syndicate should stick to all-cash offer that got them into due diligence in the first place, or improve the terms of its alternate proposal.It means the year’s biggest takeover hangs in the balance,KKR’s alternate proposalRamsay disclosed the terms of KKR’s alternative proposal on Thursday night, as the hospitals group and its French business Ramsay Sante were preparing to release earnings updates to investors.KKR’s alternate proposal would see all Ramsay shareholders paid $78.20 cash for Ramsay’s Australian operations, before getting either cash or scrip for the Sante stake.Ramsay’s small parcel holders - those with 5000 shares or less, which is by far the majority of the group’s investors by number - would get $88 all cash, while those with more than 5000 shares would receive stock in Sante.The headline price on the cash/scrip offer - for those with more than 5000 shares - was $84.93 as of Thursday night, which was not high enough for Ramsay’s board.While both sides, having gone down the garden path for months, want to keep talking, a pretty clear and fundamental gap in their expectations has emerged.Ramsay’s board is clinging to the $88 a share all cash structure that got KKR into diligence in the first place.KKR, having been unable to get diligence at Sante, has moved on and withdrawn that offer. It wants to talk about the alternate proposal.Ramsay’s disclosure on Thursday night, and KKR’s letter on Friday morning, should bring to a head a situation that has been brewing for the past five months.Sante, despite representing only about one-tenth of Ramsay’s value, was always going to be the potential stumbling block.KKR owns a stake in Elsan, the other big French hospitals group, while Sante has some strong-minded directors who were never going to let Elsan’s part owner in for due diligence without some assurances.KKR would’ve known it. Ramsay, which has representatives on Sante’s board, definitely knew it.The question is why it’s taken five months for it to finally emerge as the battleground, and why both sides have let it go this long without a solution that they can both live by.Hedge funds will be hoping KKR can return with a higher cash component in the alternate proposal, which may be able to break the stalemate and get Ramsay’s approval.UBS and Goldman Sachs are advising Ramsay, while KKR’s advisers are Barrenjoey Capital Partners and Credit Suisse.Ramsay shares last traded at $72.92.It came as Ramsay handed down its FY22 results on Friday morning. It reported revenue down 3 per cent to $13.75 billion and EBITDA down 10 per cent to $1.83 billion.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9997332976,"gmtCreate":1661740516397,"gmtModify":1676536570906,"author":{"id":"4115843881357622","authorId":"4115843881357622","name":"Ironbark","avatar":"https://community-static.tradeup.com/news/b285f0cc9cdf5c00e9a71e65e640e147","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4115843881357622","authorIdStr":"4115843881357622"},"htmlText":"We'll see where they go from here","listText":"We'll see where they go from here","text":"We'll see where they go from here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9997332976","repostId":2262994778,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9995576894,"gmtCreate":1661488625123,"gmtModify":1676536529518,"author":{"id":"3571345352614779","authorId":"3571345352614779","name":"xiaobaii","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571345352614779","authorIdStr":"3571345352614779"},"htmlText":"like &amp; comment please&nbsp;","listText":"like &amp; comment please&nbsp;","text":"like & comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9995576894","repostId":2262994778,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9995570299,"gmtCreate":1661487914113,"gmtModify":1676536529393,"author":{"id":"3570092809336734","authorId":"3570092809336734","name":"Longshot","avatar":"https://static.tigerbbs.com/7cad4ddeab0622dd29ed1d7c76c750b8","vip":1,"hat":"https://static.tigerbbs.com/306aa047bc14b6942cda1aed925cf8c3","crmLevel":7,"crmLevelSwitch":0,"idStr":"3570092809336734","authorIdStr":"3570092809336734"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9995570299","repostId":2262994778,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":65,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2262994778"}