New Frontier Health Corp said onWednesday it received an offer to be bought out by a consortiumof investors in a deal that values the healthcare serviceprovider at nearly $1.72 billion.
The company said in a statement it received a preliminarynon-proposal binding letter from a buyer-group, includingPresident Carl Wu, Carnival Investments, Vivo Capital Fund IX,Max Rising International Ltd, a company affiliated with Carl Wu,among others to "go private".
The group offered to acquire outstanding shares of NewFrontier Health, which operates private hospitals, outpatientclinics and medical centers, for $12 in cash, representing apremium of 23.6% to the company's closing price on Tuesday.
New Frontier Health was formed after blank-check company NewFrontier Corp acquired United Family Healthcare, one of thelargest private operators in China, from private equity firm TPGand Shanghai Fosun Pharmaceutical Group Co Ltd for$1.4 billion in 2019.
A special committee of the Board will be formed to considerthe proposal letter and cautioned that there is no assurancethat any definitive offer will be made by the buyer-group, NewFrontier said.
https://finance.yahoo.com/news/1-frontier-receives-proposal-private-112251033.html
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