Mediclinic International Plc (LSE:MDC) said it has accepted the £3.7bn takeover proposal from a consortium as it presents a near-term value realisation for shareholders "at an attractive premium".
The British hospital chain had last month rejected a £3.4bn takeover bid from the same consortium led by billionaire Johann Rupert’s Remgro.
The consortium includes South African investment firm Remgro as well as MSC Mediterranean Shipping company, with the acquisition implemented by way of a court-sanctioned scheme of arrangement.
For each Mediclinic share held, shareholders will receive 504p in cash, representing an increase of approximately 50% over the volume-weighted average price of 337p for the six months to May 25, 2022.
The final dividend of 3p per share, declared by Mediclinic in May shall also be paid to Mediclinic shareholders.
A value of approximately £3.7bn is assigned to the entire issued and to be issued ordinary share capital of Mediclinic, coupled with an implied enterprise value of approximately £6.1bn when taking debt into account.
"The recommended offer represents a near-term value realisation for Mediclinic shareholders at an attractive premium," said Dame Inga Beale, chair.
"Under the stewardship of the consortium, Mediclinic will be well-positioned to execute on its strategy and undertake the investment required to realise the full potential of the business," said Jannie Durand, chief executive of Remgro.
Shares of the company were up 2.9% at 498p in London on Thursday morning.