Interesting response to the announcment PRY made this morning. I take it as SY saying come on PRY show us your offer / money. Looks like this might drag on for sometime. Reportedly it is costing PRY 3 million dollars a month to hold the 20% stake in SYB.
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ASX 4.53pm
SYMBION HEALTH'S CONTINUING DISCUSSIONS WITH HEALTHSCOPE
Symbion Health Limited ("Symbion Health") notes the announcement made today by Primary Health Care
Limited ("Primary") in relation to the discussions between Symbion Health and Healthscope Limited
("Healthscope").
The original proposal to merge Symbion Health with Healthscope represented excellent value for
Symbion Health shareholders. In voting against that merger, Primary Health Care deprived all Symbion
Health shareholders of the benefits of that transaction.
The overwhelming support from Symbion Health shareholders (other than Primary Health Care) for the
original merger provides a strong mandate for Symbion Health to work with Healthscope on an alternative
transaction.
Since the Symbion Health shareholder meeting, Symbion Health has evaluated all alternatives which are
currently available and has decided that continuing discussions with Healthscope is currently in the best
interests of Symbion Health shareholders.
It has always been open to anyone to put forward a proposal to Symbion Health. It is still open to anyone
(including Primary Health Care) to do so.
Despite Primary Health Care stating that it continues to consider its options in relation to its investment in
Symbion, no proposal has been received from Primary Health Care since it announced that it had
acquired a shareholding in Symbion Health in January 2007.
If Primary Health Care is able to put a detailed proposal to Symbion Health, Symbion Health will consider
any such proposal and, if the Symbion Health Board forms the view that it is in the best interests of
Symbion Health shareholders to do so, Symbion Health will be in a position to constructively engage with
Primary Health Care in relation to any such proposal.
Symbion Health has the ability to endorse a proposal from Primary Health Care without triggering the
obligation to pay a break fee to Healthscope. However, Symbion Health will only seek to endorse such a
proposal from Primary Health Care if the Symbion Health Board forms the view that it is in the best
interests of Symbion Health shareholders to do so.
In the meantime, Symbion Health will continue its discussions with Healthscope in relation to an
alternative transaction because that is in the best interests of Symbion Health shareholders having regard
to the alternatives which are currently available. Symbion Health will only seek to implement such an
alternative transaction with Healthscope (including such exclusivity, break fee and other arrangements as
appropriate) if to do so is in the best interests of Symbion Health shareholders.
Symbion Health believes that the market for its shares is fully informed and Symbion Health is in
compliance with its obligations under the ASX Listing Rules.
Symbion Health will continue to keep the market fully informed in relation to any material developments
and will provide its shareholders with additional information in relation to any alternative transaction.
For further information please contact:
Symbion Health
Caroline Ingham
SYB
symbion health limited
