ie report

How unfortunate that the independent expert (IE) should compare CST with Healthscope in assessing the risk of an investment (page 12 of IE report). H'scope was bought by private equity almost a year ago and is no longer an investment option. The final price paid per share for H'scope was 39 % above the last trading price when the deal was first announced (6.26 AUD cf. 4.50) and it was, as the IE says, a mature diversified healthcare company at the time. Surely, a fast growing company like CST should attract a much higher premium than Healthscope in a takeover (our premium on offer is only 18 % of last trading price). I think the IE is defeating their own argument with this comparison.