US hospital operator Tenet Healthcare has pulled out of the bidding race for Aussie private hospital operator Healthscope Ltd
(ASX:HSP).
In a statement on its website, Tenet says it has withdrawn from preliminary discussions regarding a potential acquisition of Healthscope.
Tenet says the reason for its decision is due to the premature disclosure of non-public information regarding its preliminary interest in Healthscope and the company’s inability to complete the work necessary to thoroughly convey to shareholders the potential value of the deal.
The US hospital operator says in order to eliminate a prolonged period of uncertainty and market speculation surrounding this possible transaction, it is best to withdraw from this process.
Last week Healthscope said it had received three takeover proposals, including Tenet’s bid, and would not make another announcement to the market until it has secured an offer worth recommending to shareholders.
For the 2009 financial year Healthscope posted a profit of $72.29 million.
