Ann: Update on Non-Binding Indicative Proposal, page-37

"They do actually cause all the execs are banking on closing this deal. KKRs reputation is also on the line here. They've been putting this deal together for over 5 years now. It hasn't been an overnight approach."

KKR approaches companies, kicks tyres and then often deals don't occur; that's simply their business model. If they walk away does no harm to KKR's reputation whatsoever; in fact, it probably enhances it because it reflects a disciplined approach.


"I still don't think you understand, if there were 1,000 shareholders and 999 held 18% of the register and 1 held 82% - the board needs to act in the best interest of the 1 rather than the 999. Read any CFA textbook in the governance section."

My argument is that the Alternative Proposal is in the interests of all shareholders.
I am one of those that has more than 5,000 shares and even if I end up with Ramsay Sante stock which I value at the improbably low level of 50c in the dollar of par value, I am still far better off than if KKR walk away completely (because then the stock goes back to <$65).

So:

1. $88 (less the interim dividend) for 5,000 of my shares, plus
2. $78.20 (plus something of indeterminate value in France) for the rest of my shares

....is objectively far better than:

$65 for all of my shares.


That's what the Board has failed to properly assess in dismissing the Alternative Proposal out of hand.

They should put it to a shareholder vote, is what they should do.

.