As Sirtex Medical's board tries to pit a big bid from a relatively unknown suitor against a smaller but safer offer from a $US10 billion trade player, the newcomer is ready to lift up its skirt.
Street Talk can reveal Chinese private equity firm CDH Investments' $1.9 billion counter takeover bid is bankrolled by regional financial services giant Bank of China Macau, which has provided financing commitments.
CDH is understood to have also told Sirtex that it plans to buy the biotech via its $US2.6 billion ($3.5 billion) Fund V, an offshore private equity fund.
That's the Chinese private equity firm's pitch to win over Sirtex which has agreed a rival bid from US cancer treatment and software maker Varian Medical Systems.
It's understood there are no Chinese state-owned enterprises players in Fund V and plenty of heavy hitting pension funds. Investors include CalPERS, which invested $200 million into the fund in 2014, as well as the Canada Pension Plan Investment Board, CPP Investment Board and PGGM, the second largest pension fund in the Netherlands.
UBS-advised Sirtex has asked CDH for more information as it weighs up both offers. Interim chairman John Eady and the board are expected to make a decision as early as next week.
CDH's $33.60 per share bid was lobbed on the eve of a scheme meeting for shareholders to approve the Varian takeover, which was priced at $28 per share and valued the liver cancer treatment company at $1.6 billion. Varian has said it will not increase its offer.
CDH has splashed cash across more than 80 companies since it was established in 2002. Over a third of them are in healthcare.
The alternative asset fund manager, which has more than $US17 billion ($22.6 billion) of assets under management.
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