Article from Financial Times UK Al Noor, Mediclinic agree private hospitals tie-up
London-listed Al Noor, the largest private healthcare provider in Abu Dhabi, has agreed a tie-up with Mediclinic, a fellow private hospitals company with a presence in South Africa, Switzerland and the UAE. It will create a company with combined revenues of $4 billion.
Mediclinic shareholders will receive 0.62500 new Al Noor shares for each of their existing shares, while they will still receive an interim dividend which is expected to be paid in December.
Meanwhile, Al Noor shareholders will receive a special dividend of £3.28 a share. The company also said shareholders will have the opportunity to:
tender their shares to Al Noor for cancellation for a cash payment of £8.32 per Al Noor share (subject to scale back if more than 74,069,109 Al Noor shares are tendered).
Al Noor said that a shareholder who decides to tender their shares - and assuming that there is no scale-back - will receive £11.60 of cash per Al Noor share. This represents a premium of around 39 per cent to Al Noor's closing price of £8.35 on October 1, before news of a potential combination first emerged.
Although the deal is pitched as a reverse takeover of Mediclinic by Al Noor, Mediclinic shareholders will end up owning 84 per cent to 93 per cent of the enlarged group. This percentage will depend on the take-up by existing Al Noor shareholders under the tender offer.
On completion, the combined company will be called Mediclinic International and will have a premium listing on the main market of the London stock exchange. It will be the third largest private healthcare provider in South Africa, the largest in the UAE and the largest private medical network in Switzerland."
