Discussions between Estia Health and Bain Capital are coming to a head with the ASX-listed aged care provider hopeful of recommending a takeover offer above the indicative $3 per share bid by its private equity suitor as early as Wednesday, sources said.
As negotiations stretched into Tuesday evening, both sides were bunkered down and seeking a resolution. Gary Weiss-chaired Estia wants more than the $3 per share offer lobbed in late March. It has engaged UBS as it works toward a higher proposal.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
