BGH Capital → Virtus Health Limited
completedBGH Capital won a months-long contested takeover battle against rival private equity firm CapVest Partners to acquire Virtus Health, an ASX-listed fertility and IVF services provider, via an on-market takeover bid at a final $8.15 per share (CapVest's earlier scheme was terminated after its bid was cancelled). Virtus delisted from the ASX on 4 August 2022.
BGH, which already held a near-20% stake in Virtus going into the contest, wanted full control of Virtus's IVF clinic network to grow it outside listed-market constraints.
Virtus's board recommended BGH's revised $8.15/share offer as superior value to shareholders after CapVest's earlier scheme was cancelled and the two bidders traded increased proposals between December 2021 and May 2022.
Virtus shares rose through the multi-month bidding contest, tracking successive higher offers from BGH and CapVest as the two bidders traded increased proposals between December 2021 and May 2022.
Deal mechanics
On-market takeover bid at a final $8.15 per share, implying a fully diluted equity value of A$710.5m
Australian Takeovers Panel proceedings (multiple applications during the contested bid); BGH's takeover bid completed 27 June 2022