Mediclinic International agreed to the latest in a series of offers from a consortium led by billionaire Johann Rupert, valuing the South African hospital operator at 3.7 billion pounds ($4.5 billion).<\/p>\n
Rupert\u2019s investment group Remgro, already Mediclinic\u2019s biggest shareholder, is partnering with MSC Mediterranean Shipping Company SA to pay 504 pence a share for the stock it doesn\u2019t already own, according to a statement on Thursday. That was the fourth approach, including a 463 pence bid that was rejected in June.<\/p>\n
Mediclinic shares gained 3.4% to 501 pence as of 1:41 p.m. in London, having climbed 56% this year amid the takeover battle. The company has healthcare facilities in Switzerland and the UAE as well as South Africa, where it has a dual listing.<\/p>\n
The deal still needs approval from shareholders representing 75% of votes cast at a general meeting, and \u201cpressure from minorities for improved terms is a real possibility,\u201d analysts at financial group Cowen said in a note.<\/p>\n
The proposed valuation is less than Mediclinic\u2019s 2017 offer to buy out Spire Healthcare Group Plc, a UK private hospital operator it partially owns, which was ultimately rejected, they said.<\/p>\n
Portfolio Shakeup<\/strong><\/p>\n Remgro, a long-term Mediclinic investor, has a 45% stake. The Public Investment Corp, Africa\u2019s biggest money manager, holds about 11%.<\/p>\n The Stellenbosch-based company has been shaking up its portfolio in recent months, increasing the amount of unlisted assets and selling a 30% stake in Distell Group Holdings Ltd, South Africa\u2019s largest wine and spirits maker, to Heineken NV.<\/p>\n Rupert, 72, who has a net worth of almost $10 billion, according to the Bloomberg Billionaires Index, is South Africa\u2019s richest person.<\/p>\n The deal represents another expansion for MSC, which has grown in stature after cargo transport boomed during the Covid-19 pandemic. The container group also bought the African transport and logistics business of Bollore SA for $6.3 billion.<\/p>\n
\n