The minute I saw the announcement a few weeks back that RHC's Aisan JV with Sime Derby was approached with a takeover offer, I suspected strongly that the entire company was in play.
This move on the company by Private Equity has come quicker than I had expected.
As for valuation, that $20bn figure will have to be the Equity Value alone, and not including any debt (i.e., it can't be an Enterprise Value).
Because if $20bn was an Enterprise Value figure, then the Equity Value would be $17bn (based on the $3bn Net Debt).
And $17bn would be a mere 13% premium on the current $15bn Market value of the company, which is waay too skinny a takeover premium.
Even $20bn - a 33% premium on the current valuation - barely passes the minimum change of control premium.
And especially for companies with truly rare, impossible-to-replace assets, such as hospitals.
So I think there is more than even chance of an interloper emerging and a bidding war erupting.
.
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$40.80 |
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0.600(1.49%) |
Mkt cap ! $9.373B |
Open | High | Low | Value | Volume |
$40.49 | $41.03 | $40.34 | $32.48M | 796.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 13 | $40.68 |
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Price($) | Vol. | No. |
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$40.83 | 610 | 2 |
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No. | Vol. | Price($) |
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1 | 24 | 40.650 |
1 | 195 | 40.520 |
3 | 2388 | 40.500 |
1 | 120 | 40.490 |
Price($) | Vol. | No. |
---|---|---|
40.970 | 3000 | 1 |
41.300 | 500 | 1 |
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