Private healthcare giant Mediclinic rejects £3.4bn offer from consortium
Private hospital operator Mediclinic has rejected a £3.4bn takeover approach from a consortium including billionaire luxury goods tycoon Johann Rupert.
In an update on the London Stock Exchange, the Mediclinic board confirmed that it received an unsolicited and conditional proposal from a consortium on 26 May 2022.
The consortium consisted of South African investment firm Remgro and MSC Mediterranean Shipping Company SA, acting through its wholly-owned subsidiary, SAS Shipping Agencies Services Sàrl.
Johann Rupert is chair of Remgro, which has a 45 per cent stake in Mediclinic.
The proposal was received on 26 May and concerned a possible cash offer to snap up the entire issued and to be issued share capital not already owned by Remgro at 460 pence per share plus the final proposed dividend for this year of three pence per share.
However, after Mediclinic’s board considered the bid, it concluded it “significantly undervalued” the healthcare group and its “future prospects.”
The bid was rejected on 31 May, with a unanimous vote by the board.
There can be no certainty that any offer will be made for the company and shareholders were urged to not take action, the firm added.
Shares in the FTSE-250 firm were up by just under five per cent on Thursday afternoon.