784c4022656728228c6c8adb3e70bf01
Subscribe today
© 2024 The Weekly SOURCE

Foreign Investment Review Board approves Bain Capital’s takeover of Estia Health

1 min read

One of the world’s largest private investment firms, with approximately $180 billion of assets under management, has been given approval to take over one of only two ASX-listed residential aged care operators.

Bain Capital first launched its takeover bid for Estia Health in March this year, offering $3 per share. The aged care provider rebuffed the offer, but opened its books to the suitor in the hopes a higher offer might eventuate.

Bain Capital then increased its bid to $3.20 which was overwhelmingly accepted by Estia Health shareholders on 15 November – subject to approval from the Australian Government’s Foreign Investment Review Board (FIRB).

The transaction must now be approved by the NSW Supreme Court on Tuesday 5 December, with Estia Health proposing to lodge an office copy of the orders of the Court with the Australian Securities and Investments Commission (ASIC) on Wednesday, 6 December, at which time the takeover becomes effective.

Estia Health operates 73 homes across Victoria, South Australia, New South Wales, and Queensland, caring for over 8,000 residents and employing 8,000 people.

Browse the aged care homes on agedcare101.


Top Stories
You might also like