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Johann Rupert group in Mediclinic takeover bid

A consortium backed by South African billionaire Johann Rupert is preparing a higher takeover bid for Mediclinic, the country’s largest hospital operator, reports News24.

Last month, Rupert’s investment vehicle Remgro and MSC Mediterranean Shipping had their offer of 463 pence per share, which values the company at about £3, rejected by Mediclinic.

Remgro already owns nearly 45% of Mediclinic, and observers say there is no certainty the investor group will proceed with a takeover, and the negotiations could still fall apart at the last minute.

The investor group is negotiating with Mediclinic’s board and may seek an extension to the bid deadline. The suitors must announce by today whether they have firm plans for a bid or will walk away, unless they get an extension.

Shares of Mediclinic rose as much as 5.9% in early London trading on 7 July, hitting the highest intraday level since October 2018. The stock was up 5.3% to 465.60 pence in the British capital, giving the company a market value of £3.4bn (R69bn). Mediclinic shares jumped as much as 7.5% in Johannesburg trading.

 

News24 article – Johann Rupert, MSC prepare higher Mediclinic bid (Open access)

 

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