Notice of takeover
Abano Healthcare Group Limited (NZX: ABA) advises that it today received notice of a proposed full takeover offer from Crescent Capital Partners Limited.
The proposed offer is a cash offer for 100% of the shares of Abano at $5.20 per share, conditional on acceptances in respect of 90% of the shares in Abano.
The board has indicated to Crescent that it would not be prepared to recommend an offer on these terms. However, as the offer may be at a level that Abano shareholders may find attractive, the board has indicated to Crescent that, in the circumstances, it would not consider the offer to be hostile or unsolicited as those terms are commonly used, and would be content for the offer to be presented to shareholders for consideration.
Crescent is one of the parties which has been carrying out due diligence on Abano Healthcare Group in recent weeks.
In addition to Crescent, a number of separate and unrelated parties continue to express interest in Abano.
The board will immediately proceed with the appointment of an independent expert and the fulfilment of its other obligations under the Takeovers Code. These include preparation of an updated Target Company Statement which will include comments on the merits of the offer.
In the meantime, and pending further communications from the company, shareholders are advised not to sell their shares or otherwise enter into any commitment to accept the proposed offer.