Australia’s Sirtex Medical said Chinese fund manager CDH Investments has made an A$1.87 billion ($1.41 billion) offer for the liver-cancer treatment specialist, trumping an earlier offer by U.S. based Varian Medical Systems.
Sirtex said in a statement on Friday CDH has offered A$33.6 per share in cash for all of its shares, representing a 20.6 percent premium to Sirtex’s last close of A$27.85.
CDH’s offer is A$310 million more than cancer treatment company Varian’s offer that was made in January and was backed by Sirtex’s board.
Sirtex said on Friday its directors continue to unanimously support and recommend the Varian offer.
“At this time, the directors of Sirtex continue to believe the existing scheme of arrangement with Varian is in the best interests of Sirtex shareholders and continue to unanimously support and recommend the Scheme,” the company said.
Sirtex also said an acquisition by CDH would be conditional upon approval of Australia’s Foreign Investment Review Board.
Earlier in the day Sirtex called for a halt on the trading of its shares pending the announcement of the CDH offer.