Connor Healthcare Ltd went unconditional yesterday on its takeover offer for Acurity Health Group Ltd after getting Commerce Commission clearance on Friday for its bid, and issued a compulsory acquisition notice to the holders of the remaining 2.4% of shares.
Connor made its $7.25/share takeover offer in August and held more than 97% of Acurity when the offer closed on 21 November. However, the Commerce Commission rejected the offer because it would result in 3 of the 4 private hospitals in the Wellington region falling under common ownership.
The commission relented when Connor gave an undertaking that Evolution Healthcare (NZ) Pty Ltd, owner of one of those hospitals and 25% owner of Connor, would reduce its Connor stake to 11.7% within a month.
Shareholders who have accepted Connor’s offer will be paid today and the compulsory acquisition period for the rest will run until 19 January.
Acurity’s taxable bonus issue has also gone unconditional, to be allotted this morning. Those shares will also be transferred to Connor.
Attribution: Company release.