The Wall Street Journal-20080131-Primary Health Care Ltd-- Symbion Takeover Offer Extended a Third Time

Return to: The_Wall_Street_Journal-20080131

Primary Health Care Ltd.: Symbion Takeover Offer Extended a Third Time

Full Text (110  words)

Primary Health Care Ltd. said it will extend, for the third time, its A$2.65 billion ($2.36 billion) offer for Symbion Health Ltd., to Feb. 21 from Feb. 7. The Sydney company's A$4.10 cash a share offer for Australia's largest health-care company by sales, which was made in November, is the only one on the table after rival Healthscope Ltd.'s two friendly takeover proposals failed last year. Healthscope, which has an 11.9% interest in Melbourne-based Symbion, has held talks with Primary about carving up Symbion, a person familiar with the situation said Tuesday. Primary has a 44.3% interest in Symbion, including 22.5% of its stock and 21.8% in an institutional-acceptance facility.