Australia's Estia Health opens books to Bain Capital for improved offer

Bengaluru: Australian aged-care provider Estia Health Ltd said on Tuesday it will provide its suitor Bain Capital with a limited period of access to the company's non-public financial and other information on hopes of a revived and improved proposal.

Late in March, Estia received a non-binding buyout proposal from the US private investment firm for A$775.1 million ($523.11 million). The proposal implies a value of A$3.00 per share, which was at a 28.2 per cent premium to Estia's close at the time of receiving the offer.

"The board does not regard the indicative proposal as compelling having regard to price and conditionality," Estia said in a statement.

The Sydney-based company said it plans to hold back on acquiring shares under its recent on-market share buyback program keeping in mind its engagement with Bain, which is preliminary in nature.