But analysts believe Jangho may be forced to sweeten its bid and accept conditions from the Foreign Investment Review board to get the deal over the line.
Shares in Healius, formerly known as Primary Health Care, jumped 9.4 per cent on Wednesday to close at $2.44, more than 12 hours before Jangho announced its highly conditional takeover bid.
The corporate watchdog will examine a spike in the shares of Healius on the day before Chinese group Jangho launched its $2 billion takeover bid. Jim Rice
The spike had many market observers suggesting details of the bid had leaked.
A spokesman for the Australian Securities and Investment Commission said it would look at the trading in to the lead up the bid, although noted volumes across the broader market had been thin given how early it is in the year.
MST Marque analyst Andrew Goodsall suggested the takeover proposal could represent the first round of bidding.
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He said the offer validated the view that Healius had been over-sold.
"Despite near-term challenges and restructuring, we have insisted that Healius held higher valuation potential, based on global and domestic trend to the primary care setting. We also saw potential to leverage the platform into China, where the drive to increase access to GPs has become a national priority."
CLSA analyst David Stanton said that using the $3.25 a share bid price, Healius' valuation was now only on a par with that of its closest competitor, Sonic Healthcare.
Using the Jangho offer as a base, and looking at earnings in 2020, Dr Stanton said Healius was trading on a price-to-earnings multiple of 17.5 times, compared with 17.8 times for Sonic.
Several observers suggested that given Healius shares traded as high as $3.96 in March last year, it seems unlikely investors will want the board, led by chairman Rob Hubbard, to support the Jangho bid at the current level.
MST Marque analyst Andrew Goodsall suggested the takeover proposal could represent the first round of bidding. Louie Douvis
Advertisement FIRB question mark
One observer pointed out Jangho itself had started buying into to Healius at $3.30 a share, and was optimistic if it could mop up the 84 per cent of the company it doesn't own below that level.
"We expect FIRB to approve the sale of an Australian healthcare services business to a Chinese company, albeit with an important caveat," Dr Stanton said.
"In our view, we believe that Jangho will have to commit to maintaining its database of Australian patients and their health records in a secure site in Australia, much like what Jangho has set up as a part of its 2015 acquisition."
Citi analyst John Deakin-Bell has a more sceptical view on FIRB giving the deal a tick given Healius owns or controls critical healthcare related infrastructure and personal health records.
"In our opinion, there is no certainty that the federal Treasurer will allow this critical infrastructure to be taken over by a foreign entity," he said.
"Therefore, while the bid price may be attractive to existing shareholders, there is no guarantee that this transaction will be approved by FIRB."
He retained his "neutral" rating and valuation $2.90 a share, noting that the underlying Healius business is under pressure due to slower macro environment and additional operating costs.
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