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ING Healthcare Gets $66 Million Bid From Northwest as ING Reviews Units

(Corrects to remove name of second bidder in first paragraph after company revises earlier statement.)

ING Real Estate Healthcare Fund has received a A$67.1 million ($66.2 million) takeover bid from Toronto-based NorthWest Value Partners Inc.

The offer to acquire all of ING Healthcare Fund’s shares for 94 Australian cents a unit is “highly conditional,” ING Management Ltd. said in a statement to the Australian stock exchange. The bid values the fund at a discount to its net tangible assets per unit of 98 Australian cents, it said.

The board of ING “has not formed a view at this stage as to the merits of the proposal and there is no guarantee that any formal, binding proposal for all of the issued units in IHF will be received,” the company said in the statement. “Accordingly, unitholders should take no action at this time.”

The bid follows an offer from a consortium led by Goodman Group last month for ING Industrial Fund. Netherlands-based ING Groep NV, which is seeking to divest its global real estate unit, has said it is conducting a review of its five real-estate funds in Australia.

ING Healthcare Fund jumped 9.6 percent to close at 85.5 Australian cents in Sydney trading.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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