Health insurance company NIB Holdings Ltd
(ASX:NHF) has written an open letter to members of takeover target GMHBA, criticising the Geelong-based insurer’s refusal to give its members a vote on the merger.
NIB is hoping that pressure from members will force the directors of GMHBA to reconsider an increased takeover offer of $180 million.
In October, NIB made a $140 million offer, which was promptly rejected by GMHBA’s board.
For the year ended 30 June 2010, NIB reported a net profit of $61.5 million.
