VPS Healthcare Quits Takeover Race for Al Noor of Abu Dhabiby
VPS Healthcare LLC said it decided not to make a formal offer for Al Noor Hospitals Group Plc, leaving Mediclinic International Ltd. as the last company in the race to take over the Abu Dhabi-based health-care provider.
“After a thorough assessment of the opportunity, VPS has concluded that the potential transaction would not be in the best interests of the company,” the hospital owner said in a statement on Monday.
Mediclinic of South Africa agreed last month to combine with Al Noor to create the biggest private health-care provider in the United Arab Emirates. NMC Health Plc, based in Abu Dhabi, has also quit plans to counter the proposed 1.5 billion-pound ($2.3 billion) transaction, which would involve a reverse takeover to give Mediclinic a listing on the London Stock Exchange.
Al Noor shares declined 1.3 percent to 1,140 pence by 3:21 p.m. in London, while Mediclinic traded 0.2 percent lower at the close in Johannesburg. VPS is closely held.
(An earlier version of this story was corrected to show that NMC Health had quit plans for a counter offer.)