Bain Capital has lobbed a $3 a share bid for Estia Health Services, after Street Talk’s report of movement on its register.
Bain Capital has lobbed a $3 a share bid for Estia Health, after Street Talk’s spottedEstia said the non-binding, indicative bid landed after market close on Thursday. But it wasn’t aware of identity of the buyer over the past two days - which is understood to have been someone other than Bain.
The $3 a share represents a 28.2 per cent premium to Estia’s Thursday close, but the stock ran up 9.3 per cent on Wednesday and Thursday. It’s 23.5 per cent higher than Estia shares’ 52-week high of $2.43. Bain Capital is understood to have had Morgan Stanley study the company for a while before pulling the trigger on a bid on Thursday evening. Estia has called in UBS for defence.Estia’s substantial investors include Wilson Asset Management at 9.64 per cent, followed by Melbourne’s Copia Investors at 5.24 per cent and Argo Investments with about 5 per cent. .
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