A consortium of financial investors including Health Employees Superannuation Trust Australia and led by KKR & Co. Inc. (NYSE:KKR) made a non-binding, indicative and conditional proposal to acquire Ramsay Health Care Limited (ASX:RHC) for AUD 20 billion on April 20, 2022. As per the transaction, consortium made the offer to acquire shares at AUD 88 per share less any ordinary or special dividends paid to shareholders after the date of offer (including the ordinary dividend of AUD 0.485 per share paid on March 31, 2022). Ramsay Health Care Limited shareholders would have the option to receive part of the consideration in unlisted scrip in the Consortium holding entity. As per the alternative proposal dated August 25, 2022, Ramsay shareholders would be able to elect to receive cash consideration of AUD 88 cash per share for their first 5,000 Ramsay shares, the consideration for each Ramsay share in excess of 5,000 shares would be AUD 78.20 cash and approximately 0.22 Ramsay Santé shares. Approximately 18% of Ramsay shares would be eligible to receive AUD 88 cash per share and approximately 82% of shares would receive cash and Ramsay Santé shares as consideration. The transaction is subject to number of conditions including satisfactory due diligence, no disposal of any of Ramsay's subsidiaries or properties, final approval of the Consortium's investment committee, entry into a scheme implementation deed on customary terms and conditions, regulatory approvals (including Foreign Investment Review Board) and Ramsay shareholder approval. Ramsay shareholders do not need to take any action in relation to the transaction at this stage. Ramsay has appointed UBS AG, Australia Branch and Nicole Pedler and Tony Damian of Herbert Smith Freehills as financial and legal advisors respectively. Goldman Sachs acted as a financial advisor to Ramsay Healthcare.

A consortium of financial investors including Health Employees Superannuation Trust Australia and led by KKR & Co. Inc. (NYSE:KKR) cancelled the acquisition of Ramsay Health Care Limited (ASX:RHC) on September 26, 2022.