By David Winning
SYDNEY–Estia Health said it has agreed to a takeover by Bain Capital that values the aged-care provider’s equity at 826.8 million Australian dollars (US$543.6 million).
Estia Health said its directors unanimously recommend shareholders vote in favor of the deal worth A$3.20 per share in cash. Bain’s offer represents a 50% premium to Estia Health’s closing share price of A$2.14 on March 21, prior to the private-equity company’s first takeover proposal.
“Estia Health is permitted to pay fully franked dividends of up to A$0.12 per share which would enable eligible shareholders to receive up to A$0.05 per share in additional benefit from franking credits,” Estia said in a regulatory filing.
It expects the scheme to be implemented before the end of this year.
Write to David Winning at [email protected]
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