By Stuart Condie
SYDNEY--Ramsay Health Care Ltd. rejected a revised takeover proposal from a KKR & Co. Inc.-led consortium, calling it meaningfully inferior to the consortium's now-withdrawn initial approach.
The ASX-listed Australian private-hospital operator on Friday said that it decided not to engage with the consortium on its revised proposal. Ramsay had continued to discuss an original cash proposal worth A$88.00 a share until the consortium withdrew it on Friday, it said.
Ramsay said it would be prepared to engage further with the consortium in the interest of developing an improved binding proposal.
The consortium made the original proposal in April, valuing Ramsay's equity at 20.1 billion Australian dollars (US$14.02 billion). Ramsay said the revised proposal was effectively worth A$84.93 per share after any stakeholder's first 5,000 shares.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
08-26-22 0014ET