SYDNEY — Australian aged-care provider Estia Health Ltd. said it has received a takeover offer from private-equity firm Bain Capital LLC that values its equity at 775.1 million Australian dollars (US$523.6 million).
Estia Health said its directors are considering Bain’s A$3.00/share cash offer, which was received after the Australian share market closed on Thursday.
Bain’s proposal includes several conditions, including the completion of due diligence on an exclusive basis and the unanimous recommendation of Estia Health’s directors.
Estia Health’s shares ended Thursday at A$2.34, meaning Bain’s offer represents a 28% premium to that closing price.