Primary Health Care wins battle for Symbion

Perseverance pays off for Primary Health Care as its $2.4 billion bid for Symbion triumphs. The acquirer announces a $1.1 billion rights issue to finance the bid.

Primary Health CareƆs A$2.65 billion $2.4 billion takeover offer for Symbion Health in Australia turned unconditional yesterday when Primary announced that it had cornered a 54% stake in the target. Primary also announced that it will issue A$1.23 billion worth of shares to existing shareholders to part finance its bid.

Primary is offering Symbion shareholders A$4.10 cash per share, in an offer scheduled to close on February 21. It is being advised on the bid by Caliburn Partnership, with legal...

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