ASX and media release
1 May 2007 Ownership proposal received
Symbion Health Limited (ASX: SYB) announced it has received an unsolicited,
incomplete and non-binding proposal from a consortium comprising Healthscope
Limited, Ironbridge Capital and Archer Capital.
The proposal provides for Healthscope to acquire all Symbion Health shares on issue
by way of a scheme of arrangement in exchange for cash and Healthscope shares
with an indicativeimplied value of $4.30 per Symbion Health share. Following the acquisition of Symbion Health by Healthscope, it is proposed that Symbion Health's
Pharmacy and Consumer businesses would be divested to Ironbridge Capital and
Archer Capital.
If the proposal is implemented, substantial cost savings and other benefits are
expected to be realised by both Symbion Health and Healthscope shareholders, who
would each own approximately 50% of the combined entity.
Symbion Health is currently in discussions with the consortium in relation to the
proposal. These discussions are preliminary and incomplete and no agreement has
been reached in relation to the proposal. There is no certainty that agreement will be
reached at any future time, or that a formal offer or proposal will be put to Symbion
Health shareholders.
Symbion Health remains committed to its stated strategies of business reinvigoration
and growth on a standalone basis. However, the Symbion Health Board is currently
evaluating the proposal in the context of the stated strategies and other alternatives
available to it to maximise value for Symbion Health shareholders.
Symbion Health anticipates it will be in a position to provide a further update later this
month
cheers Colster
SYB
symbion health limited
