Ann: Update on non-binding indicative proposal, page-111

Another article from the Australian. Similar to the AFR (which was saying that bids are due this coming Friday), the Australian is expecting action this week. Also similar to the AFR, it seems to suggest that both bidders are still in the game. Interestingly it is suggesting that the recent share price drop has something to do with Covid.
"The competition for Japara Healthcare is expected to come to a head this week, with two bidders undertaking due diligence.Calvary and Bolton Clarke are working on a potential tilt at Japara, which is advised by Macquarie Capital.A third mystery suitor that was thinking about joining the contest is understood to have opted to wait on the sidelines to see how the two-horse race unfolds before making a move. Japara is worth about $315m.Its share price has fallen to about $1.16 as aged care providers face major challenges from Covid-19 outbreaks in Sydney, Melbourne and now South Australia.Bolton Clarke, a not-for-profit provider of retirement living and aged care, last month made a conditional bid of $1.22 a share, beating a sweetened proposal by Catholic healthcare provider Calvary by 2c. Moelis is believed to be advising Bolton Clarke.The aged care sector is ripe for corporate activity after additional funding was provided in the 2021 federal budget.With the funding comes greater regulatory requirements to address the abuse and neglect exposed by a royal commission.ESG concerns, negative margin “jaws” (where the growth of costs exceeds the growth of income), and the payment of refundable deposits over time may be deterring investors. Calvary lobbed its first offer of $1.04 a share on April 30 after Japara’s shares hit a low of 34c last September.In August, Japara wrote down the value of its assets by $219.9m and suspended its final dividend as Covid spread to four of its nursing homes in Melbourne.It reported a $16.43m profit in 2019 but a $292.09m loss in the 12 months to June 30, 2020.