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South Africa-headquartered private hospital operator Mediclinic International PLC on Thursday it has knocked back an unsolicited offer from a consortium that includes Johannesburg-listed investment firm Remgro Ltd.
Mediclinic said the offer - which was made by SAS Shipping Agencies Services Sarl - came in on May 26 and was for 460 pence per share, plus Mediclinic's proposed final dividend for financial 2022 of 3p.
Mediclinic shares were up 1.9% at 433.00p in London early Thursday. In Johannesburg the shares were 5.0% higher at R 83.78. Remgro was trading down 0.3% at R 143.03.
Remgro noted that Mediclinic's closing share price on May 25, the day before its proposal was made, was 373p.
SAS Shipping Agencies Services Sarl is a consortium comprising Remgro and MSC Mediterranean Shipping Co SA. Remgro currently holds a 45% stake in Mediclinic.
‘The board of Mediclinic (excluding the Remgro representative) considered the proposal, together with its advisers, and concluded that it significantly undervalued Mediclinic and its future prospects,’ London and Johannesburg-listed Mediclinic said.
Mediclinic, therefore, said it unanimously rejected the offer.
SAS Shipping now has until July 7 to make a firm offer or walk away from the deal.
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