Ex-Macquarie, TPG Dealmen Front $3.1 Billion Bid for Healthscope

(Bloomberg) -- Former dealmakers at Macquarie Group Ltd. and TPG Capital launched a A$4.11 billion ($3.1 billion) takeover offer for Healthscope Ltd., swooping on the Australian hospital operator after a share-price slide.

Private-equity firm BGH Capital and investors including AustralianSuper and Ontario Teachers’ Pension Plan Board offered A$2.36 a share in cash, Healthscope said in a statement Thursday. That’s 16 percent more than the stock’s most recent close on April 24. Healthscope said it’s assessing the offer.

For more on the deal, click here

BGH Capital was founded last year by a trio of dealmakers including Robin Bishop, the former head of Macquarie’s investment banking operations in Australia and New Zealand. BGH Capital has gained a foothold in Healthscope by teaming up with AustralianSuper, Australia’s biggest pension fund, which currently owns about 14 percent of the health-care provider.

Ex-Macquarie, TPG Dealmen Front $3.1 Billion Bid for Healthscope

“The Healthscope board has commenced an assessment of the proposal and will keep the market informed of any material developments,” the Melbourne-based company said in its statement. Shareholders don’t need to take any action and there’s no guarantee the approach will lead to a deal, the company said.

Healthscope shares have tumbled 35 percent from a September 2016 high of A$3.14. The company operates 45 hospitals in Australia, and has pathology operations across New Zealand, Malaysia, Singapore and Vietnam, according to its website.

According to Healthscope, conditions of the offer include:

  • Due diligence
  • Debt finance for the acquisition
  • Approval from Australia’s Foreign Investment Review Board
  • Unanimous recommendation from Healthscope’s board

©2018 Bloomberg L.P.