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STOCK MARKET SNAPSHOT FOR 01/3/2022

NASDAQ-Adv: 2,353 Dec: 2,416 NYSE-Adv: 2,073 Dec: 2,277 (Source: Nasdaq)

Australia’s Virtus Health Ltd said on Tuesday it would not engage with private equity firm BGH Capital after rival bidder CapVest Partners lobbed a sweetened buyout proposal that valued the healthcare firm at A$667.2 million ($484 million).

CapVest’s new offer of A$7.80 per share topped BGH’s sweetened bid of A$7.65 per share made on Monday. Earlier, CapVest had offered A$7.60 per Virtus Health share.

Virtus Health has been the subject of a bidding war between Melbourne-based BGH Capital and London-based CapVest since last month, as both private equity firms are vying to control the in vitro fertilization service provider which has seen its share price rise about 60% since the pandemic.

CapVest’s new offer represents a premium of 4.7% to Virtus Health’s last close and includes an option of alternative structure, such as an off-market bid, at a lower price which would require approval from minimum 50.1% Virtus shareholders.

CapVest has completed a “substantial level” of due diligence and expects to be in a position to enter an implementation deed by March 11, Virtus Health said.

($1 = 1.3774 Australian dollars)
Source: Reuters (Reporting by Sameer Manekar in Bengaluru; Editing by Maju Samuel and Subhranshu Sahu)

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