Virtus Health (ASX:VRT) accepts takeover bid from CapeVest

Company News

by Lauren Evans

Virtus Health (ASX:VRT) has accepted a takeover bid from CapeVest despite receiving a rival bid from BGH Capital.

Virtus has signed a transaction implementation deed, in which CapVest will acquire the company for $8.25 cash per share less any dividends declared or paid after today, including the 12 cents per share share dividend declared on February 22.

Virtus has made a simultaneous off-market takeover offer, conditional on the scheme failing and a 50.1 per cent minimum acceptance condition, worth $8.10 per share less the permitted distributions.

The board unanimously recommends that the binding CapVest transaction in the absence of a superior proposal and subject to an independent expert, is in the best interests of Virtus shareholders and that the takeover offer is fair and reasonable.

“The strong contest for control of Virtus and the certain and superior value placed on Virtus by CapVest is a testament to Virtus’ market leading position and the benefits of the Precision Fertility™ strategy which will harness technology and data to improve pregnancy outcomes as well as improve clinician and patients’ experience,” said chief executive officer Kate Munnings.

”It is also a strong endorsement of all Virtus staff and fertility specialists who continue to work extremely hard to help more people become parents. Support from CapVest will provide a strong foundation for Virtus and its fertility specialists to further develop their practices and accelerate the national and international growth of Virtus.”

Shares in Virtus Health (ASX:VRT) are trading 7.8 per cent higher at $8.30. 

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