China’s CDH Investments makes $1.4b offer for Australia’s Sirtex

Photo: Sirtex website

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.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.