The Healius Ltd (ASX: HLS) share price looks set to rocket higher in early trade after receiving a takeover offer for $3.40 per share.
Why is the Healius share price likely to jump?
The Healius share price closed 2.47% lower on Monday at $2.76 per share. The group is set to release its half-year results this morning but it's the takeover announcement that will be the big driver today.
Healius confirmed that it had received an unsolicited, non-binding, indicative proposal from Partners Group to acquire all Healius shares. This follows a move from the Swiss private equity group that saw it purchase a 15.88% stake in Healius by Monday's close.
Partners agreed to a deal with Healius' biggest shareholder, China-based Jangho, to acquire the 15.88% stake at $3.30 per share. That strategic stake has now given Partners the footing it needed to launch yesterday evening's takeover bid.
Partners is offering $3.40 per share in its takeover bid, which represents a 23.19% premium to its last closing price. That figure values Healius at $2.12 billion – well above its current $1.72 billion market capitalisation.
Healius is the second-largest operator of medical centres and pathology services in Australia. The Healius share price is basically flat over the last 12 months and down 39.34% in the last 5 years.
Is this a done deal?
It's not quite that cut and dry at the moment. The deal is unsolicited and non-binding but does offer shareholders a large premium over its current value.
However, as per Healius' announcement, the takeover proposal is subject to 6 weeks due diligence. The Healius Board is yet to form a view on whether the price represents an appropriate value for Healius.
The 15.88% stake is certainly a good starting point for Partners Group in pursuit of the takeover.
What else is happening for Healius today?
The timing of the takeover bid comes as Healius prepares to release its half-year results today. The Aussie healthcare group will report its earnings but I'd expect to see the Healius share price jump towards the $3.40 mark regardless.
