Deals
Mediclinic, Al Noor Reach Accord While NMC Continues Pursuit
- Al Noor says new firm to be called Mediclinic International
- NMC urges shareholders not to take any action at this time
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Mediclinic International Ltd. agreed to combine with health-care provider Al Noor Hospitals Group Plc to create the biggest private health-care provider in the United Arab Emirates, even as rival NMC Health Plc vowed to keep pursuing Al Noor.
The transaction will involve a reverse takeover that gives Johannesburg-based Mediclinic’s shareholders a majority stake in the combined operations, the companies said in a statement on Wednesday. Al Noor holders can opt to get a special dividend of 3.28 pounds a share or tender their stock for 11.60 pounds apiece, which represents a 39 percent premium over the Oct. 1 closing price. The latter values the deal at 1.5 billion pounds ($2.3 billion), said Mediclinic Chief Executive Officer Danie Meintjes.