Austron’s Cash Offer for Acurity Opens
Austron’s Cash Offer for Acurity
[9 August 2012] – Austron Limited advises that its partial takeover offer to all shareholders in Acurity Health Group Limited (formerly Wakefield Health Limited) has been dispatched to shareholders today.
The $6.00 per share cash offer is open until 6 September 2012. Notwithstanding that Austron already has commitments to ensure that the 50.01% minimum acceptance condition is satisfied, the offer is open to all shareholders.
All shareholders who accept for up to 50.01% of their Acurity shares will have those shares accepted under the offer.
All shareholders who accept for more than 50.01% of their Acurity shares may, depending upon the total number of shares tendered by all accepting shareholders, be scaled down, but they will always have a minimum of 50.01% of their shares accepted.
The Directors of Austron believe that $6.00 a share is a full price and fairly values Acurity. The price represents a 25 per cent premium to the closing price of Acurity shares on 24 July 2012, which was the day before the offer was announced. $6.00 is higher than the price the shares have traded at since the offer was made and is $1.15 higher than the $4.85 price set in late 2011 by Wakefield for its recent capital raise.
Austron is a joint venture controlled and owned by Acurity’s two largest shareholders, Royston Hospital Trust Board and Medusa Limited. Acurity’s third largest shareholder, AMP Capital Investors (New Zealand) Limited has agreed to sell sufficient shares to Austron to ensure the minimum acceptance conditions of the offer are satisfied.