Mediclinic International Plc agreed to the latest in a series of offers from a consortium led by billionaire Johann Rupert, valuing the South African hospital operator at £3.7 billion (R75 billion). READ | It took just 48 hours for Johann Rupert to become SA’s richest man AGAIN According to the Bloomberg website, Rupert’s investment group Remgro…
Ltd, already Mediclinic’s biggest shareholder, is partnering with MSC Mediterranean Shipping Company SA to pay 504 pence a share for the stock it doesn’t already own, according to a statement on Thursday.
That was the fourth approach, including a 463 pence bid that was rejected in June.
The deal represents another expansion for MSC, which has grown in stature after cargo transport boomed during the Covid-19 pandemic. The container group also bought the African transport and logistics business of Bollore SA for $6.3 billion.
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Mediclinic shares gained 3.4% to 501 pence as of this afternoon in London, having climbed 56% this year amid the takeover battle. The company has health-care facilities in Switzerland and the UAE as well as South Africa, where it has a dual listing.
The deal still needs approval from shareholders representing 75% of votes cast at a general meeting, and “pressure from minorities for improved terms is a real possibility,” analysts at financial group Cowen said in a note.
Remgro is a long-term Mediclinic investor with a 45% stake, while the Public Investment Corporation, Africa’s biggest money manager, holds about 11%.
The Stellenbosch-based company has been shaking up its portfolio in recent months, increasing the amount of unlisted assets and selling a 30% stake in Distell Group Holdings Ltd., South Africa’s largest wine and spirits maker, to Heineken NV.
Rupert, 72, who has a net worth of almost $10 billion according to the Bloomberg Billionaires Index, is South Africa’s richest person.