Chairman set to be big winner

RAMSAY Health Care’s founder, the late Paul Ramsay, bequeathed the company’s chairman and his “right-hand” man Michael Siddle a gift that is worth $330m if KKR’s takeover bid proceeds.

It makes him one of the deal’s biggest winners. Mr Ramsay left Mr Siddle 3.75 million shares under an option – with a value consideration of $1 – which was exercised in October 2014, following the grant of probate of his will, according to ASX filings.

At the time, the shares had a market value of about $182m. If KKR’s takeover, which the Wall St private equity firm lobbed this week, at $88 a share – or $20.14bn – proceeds, that holding will be worth $330m. Mr Ramsay’s bequest makes up the bulk of Mr Siddle’s holding, which totals 3.9 million shares, according to the latest annual report.

Mr Ramsay, who died in 2014, established Ramsay Health Care in 1964. The company now owns 72 private hospitals in Australia and other operations in Britain and Europe. Its shares closed up 1.7 per cent at $84.37 on Friday.