KKR-led consortium → Ramsay Health Care Limited
withdrawnA KKR-led consortium made a non-binding indicative proposal to acquire all shares in Ramsay Health Care, Australia's largest private hospital operator, for $88.00 cash per share. The consortium withdrew the bid in September 2022 after failing to agree revised terms with the Ramsay board.
KKR was attracted to Ramsay's scale as a global private hospital operator and defensive healthcare cash flows at a time of depressed valuations for listed hospital operators post-COVID.
Ramsay's board initially engaged with the proposal as it represented a substantial premium to the undisturbed share price, but ultimately rejected KKR's revised, lower-value alternative offer as "meaningfully inferior" after Ramsay's earnings fell.
Ramsay shares jumped about 28% on the initial bid announcement, a roughly 37% premium to the prior closing price of $64.39; shares fell back toward pre-bid levels after the consortium withdrew in September 2022.
Deal mechanics
Proposed all-cash offer of $88.00 per share, later revised to a cash-and-scrip alternative involving Ramsay Générale de Santé shares