Jangho Offers USD1.4 Billion to Buy Out Australia's Healius
Tang Shihua
/SOURCE : yicai
Jangho Offers USD1.4 Billion to Buy Out Australia's Healius

 

(Yicai Global) Jan. 3 -- China's Jangho Group, which began life as a curtain wall manufacturer but has since moved into the healthcare sector, has offered AUD2 billion (USD1.4 billion) to buy out Australian healthcare provider Healius.

Jangho's Hong Kong investment arm offered AUD3.25 (USD2.3) a share, a third more than Healius' closing price of AUD2.4 yesterday, for all shares it does not already own, the Sydney-based firm said in a statement today. The target's shares [ASX:HLS] soared 7.8 percent to AUD2.64 on the news.

The potential buyer, which already holds a 15.9 percent stake, hopes the acquisition will enhance its healthcare business and wants to push forward talks with Healius' board, Jangho said, adding that now is a prime purchasing opportunity as the target's share price is at a historical low. Its own shareholders appeared unenthusiastic as shares [SHA:601886] sank 3.3 percent to CNY7.25 (USD1.1).

Jangho has been moving into healthcare over the past several years, and now owns domestic companies involved in eye disease treatments and third-party medical inspections. It became Healius' largest shareholder buy snapping up equity on the secondary market in 2016.

Healius has multiple clinics and pathology service centers across Australia that offer third-party testing, general medical services, pathology and imaging.

Editor: James Boynton

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Keywords: Jangho , Australian , Healius