Hills Ltd went close to making a $130 million-plus takeover bid for ASX-listed LifeHealthcare Group in late 2014 in what would have been its biggest ever domestic acquisition, but differing opinions at board level about the timing of the proposed purchase meant it eventually shelved the plan.

LifeHealthcare is a specialist distributor and seller of high-end medical devices in Australia and Zealand to spinal, orthopaedic and cardiovascular surgeons, which listed on the stock exchange in December, 2013 in an initial public offering at $2 a share, and with an indicative market capitalisation of $85 million.