primary-health-care-wins-battle-for-symbion

Primary Health Care wins battle for Symbion

Perseverance pays off for Primary Health Care as its $2.4 billion bid for Symbion triumphs. The acquirer announces a $1.1 billion rights issue to finance the bid.

By Sameera Anand

February 13, 2008

Primary Health CareÆs A$2.65 billion $2.4 billion takeover offer for Symbion Health in Australia turned unconditional yesterday when Primary announced that it had cornered a 54% stake in the target. Primary also announced that it will issue A$1.23 billion worth of shares to existing shareholders to part finance its bid.

Primary is offering Symbion shareholders A$4.10 cash per share, in an offer scheduled to close on February 21. It is being advised on the bid by Caliburn Partnership, with legal advice from Mallesons Stephen Jaques.

Symbion directors recommended on Wednesday that shareholders accept the Primary Health Care offer saying in a written statement ôRecent sharemarket volatility has impacted the boardÆs view on relative value and...

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