Morgan Stanley Infrastructure Inc. (Morgan Stanley Infrastructure Partners) is believed to be weighing a rival offer for the $1.8 billion healthcare provider Healius Limited (ASX:HLS) after the group's major shareholders have refused to support a merger proposal from its rival. Healius told shareholders on March 27, 2023 to take no action over a nil-premium merger offer from Australian Clinical Labs Limited (ASX:ACL) that comes with 25 conditions including 90% shareholder approval. ACL, counts private equity firm Crescent Capital as its major shareholder after it listed the business, and while the deal would provide the private equity firm with an exit, Healius claims that the offer is a discount to the its value, based on its performance over time.

Major shareholders Tanarra Capital Australia Pty Ltd. and Perpetual Investment Management Ltd. are against the ACL offer, and they collectively hold 21% of the company. However, it is now understood that Morgan Stanley Infrastructure, and potentially others, are considering whether to put forward a buyout proposal.