Monash IVF rejects improved takeover bid by Genesis Capital, Soul Patts
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The news: Fertility treatment provider Monash IVF has rejected an improved takeover offer by Genesis Capital and Soul Patts, after the board concluded the 90-cents-per-share proposal undervalues the company.
The context: Monash IVF said the board accelerated the company’s internal planning cycle to assist the assessment of the proposal, and received feedback from a number of shareholders, as well as financial and legal advisers.
The company concluded that the offer price is at a “substantial discount” to comparable IVF transactions in the Australian market. Monash IVF shares last closed at 76.5 cents each.
Monash IVF also noted the board its supportive of new chief executive Victoria Atkinson and “her strategy to return stability and growth” to the company.
The group said it “remains open to discussions regarding a change of control transaction at a higher valuation”.
The source: ASX
