CapVest beats BGH bid for Virtus Health (ASX:VRT)

Company News

by Lauren Evans

CapVest has improved its takeover offer for Virtus Health (ASX:VRT), while stepping on BGH Capital’s upgraded offer from yesterday.

CapVest has offered $7.80 per share for the company, while BGH Capital offered $7.65 per share share. Both offers are less the value of any dividends declared or paid after today.

CapVest has also said it was willing to proceed with an alternative structure which only required acceptance by 50.1 per cent of Virtus shareholders, such as an off-market takeover bid. 

CapVest said a substantial level of due diligence had been undertaken and it expected to enter into an implementation agreement by March 11.

Following receipt of the revised CapVest proposal and taking all relevant considerations into account, the Virtus board said it will not be engaging with BGH Capital.

BGH said yesterday it will not accept any takeover offer from CapVest.

Shares in Virtus Health (ASX:VRT) are trading 5.9 per cent higher at $7.89. 

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