PRIMARY Health Care has increased its stake in Symbion Health, threatening to spoil an agreed $2.8 billion buy-out from Healthscope.
Primary Health had built a 14 per cent stake in Symbion, the Sydney-based company told the Australian Stock Exchange yesterday. The company first revealed a 5.8 per cent stake on July 20 and revised its estimated holding three times yesterday.
Under the buy-out plan, Healthscope will take Melbourne-based Symbion's medical and pathology centres.
Private equity firms Ironbridge Capital and Archer Capital will get its drug distribution and pharmacy business after topping a last-minute offer from Sigma Pharmaceutical.
Healthscope's bid needs the support of 75 per cent of Symbion investors at a shareholders meeting.
It is the second time this year Primary has bought a stake in Symbion, after selling out in February after a $2.3 billion offer was rejected.
BLOOMBERG
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