Business Services Industry
Privateers nab Symbion for $1 more.
Australasian Business Intelligence, June, 2007
Byline: Teresa Ooi
Jun 20, 2007 (The Australian - ABIX via COMTEX) -- Sigma Pharmaceuticals appears to have no option but to concede defeat in the takeover battle for Symbion Health. The Australian company is selling its pharmacy and consumer products businesses prior to a proposed merger with hospitals and pathology services group Healthscope, and Sigma had been keen to acquire these. However, its offer of $A1.085bn was trumped by just $A1 in a rival bid received from private equity firms Ironbridge and Archer Capital, and a revised later offer from Sigma has been ruled out by Symbion as not acceptable under its terms and conditions. It would also have triggered a break fee. On 20 June 2007 Symbion stock closed $A0.02 lower at $A4.25, while Sigma was down...
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