Australia’s Healius rejects $1.3b buyout offer from Partners Group

Photo by Artur Tumasjan on Unsplash

Australia’s Healius Ltd on Monday turned down a A$2.12 billion ($1.31 billion) takeover offer from private equity firm Partners Group, saying it undervalued the medical center operator.

Healius, however, said it was open to further talks with Partners Group to get a better proposal from the Swiss firm.

Partners made a A$3.40 per share all cash offer last month, after buying China’s Jangho Group Co Ltd’s 15.9% stake in Healius.

Shares of New South Wales-based company were trading 8.1% lower at A$2.49 by 0005 GMT, much lower than the offer price, amid a slump in the broader market.

“We recognize the extreme volatility in the share market at present and the pressure our shareholders are under to deliver returns to their clients,” Chairman Rob Hubbard said.

He added, “Healius is also in the process of seeking offers for its medical centers business which is believed to be undervalued in the current share price.”

Jangho last year offered to buyout the medical center operator for A$1.7 billion or A$3.25 per share, but saw its offer declined on grounds that it undervalued the company.

Partners Group was not immediately available for a comment outside regular business hours.

Reuters

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.

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.