Major Japara shareholder David Di Pilla says he will back the $380 million offer from Little Company of Mary Health Care, also known as Calvary Health Care, in the absence of a higher bid.
Catholic not-for-profit Calvary beat out rival Bolton Clarke Group for Japara after making an initial proposal in April of just $1.04 per share, but upped its bid twice to $1.40, helping it to gain the board’s approval on Tuesday.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
