So, bid price 37% premium to last.
Which should get the deal done, I think
(Unless, of course, an interloper gets involved [*]).
For context, Healthscope (HSO) was taken over by Brookfield for a mere 23% premium, and that was even after Brookfield was not the sole bidder (although, to be realistic, the BGH Capital-AustralianSuper consortium that made the first bid for HSO was really a lightweight contender).
[*] And the scope for a bidding contest happening is far from zero: a company like RHC is a private equity operator's dream; it has stable and predictable earnings and cash flows (and hence, can be geared aggressively...far more aggressively that public markets will tolerate), and is rich in highly sale-able assets which can liberate capital to enhance the returns of the PE operators.
Case in point, the carrying value of RHC's property portfolio is $3bn... and that is valued at cost less accumulated depreciation and accumulated impairments, so who knows what it must be worth if it was today marked-to-market, which is what would effectively happen if those property assets were transferred into a property trust after being acquired by a PE group?
$4.0bn?
$5.0bn?
What about $6.0bn, maybe?
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So, bid price 37% premium to last. Which should get the deal...
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Last
$47.46 |
Change
0.280(0.59%) |
Mkt cap ! $10.90B |
Open | High | Low | Value | Volume |
$47.36 | $47.68 | $47.15 | $22.55M | 475.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1 | $47.39 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$47.47 | 2558 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 11 | 47.260 |
1 | 21 | 47.200 |
2 | 32 | 47.100 |
1 | 5 | 47.000 |
1 | 100 | 46.800 |
Price($) | Vol. | No. |
---|---|---|
47.610 | 16 | 1 |
47.620 | 90 | 1 |
47.700 | 2078 | 3 |
47.780 | 342 | 1 |
47.840 | 200 | 1 |
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