Capio board recommends Ramsay takeover bid to shareholders
STOCKHOLM — The board of Swedish healthcare provider Capio yesterday recommended shareholders accept a raised takeover bid from France’s Ramsay Generale de Sante, increasing the likelihood a deal will go through.
Ramsay Generale, 50.9 per cent owned by Australia’s Ramsay Health Care, raised its bid to 58 crowns per share on Monday after Capio’s board rejected an initial bid of 48.50 crowns in July. Monday’s cash bid valued Capio at around 8.19 billion crowns (US$903 million).
A deal would help Ramsay become a leading private pan-European healthcare services provider, while Capio has said that “repositioning” toward Nordic markets could enhance its strategic focus and drive shareholder value.
Capio also decided to withdraw its proposal to sell Capio France and has canceled a planned extraordinary general meeting at which it hoped to gain backing for the sale, it said.