Australia’s Estia Health gets $517.7 million takeover bid from Bain Capital

(Reuters) – Australian aged-care provider Estia Health Ltd said on Friday it received a non-binding buyout proposal from U.S. private investment firm Bain Capital for A$775.1 million ($517.77 million).

The A$3.00 cash per share proposal, which is at a 28.2% premium to Estia’s last close, is among the latest proposals by a private equity firm since last year amid increasing merger and acquisition activity in Australia.

The board of Estia Health is considering the indicative proposal to assess whether it is in the best interests of shareholders to engage with Bain Capital, the company said in a statement.

Estia last month posted net loss from ordinary activities after tax attributable for six months ended Dec. 31 of A$25.3 million, compared to a loss of A$8.1 million a year prior.

In April last year, EML Payments was in talks with Bain Capital for a potential buyout, but the company said the talks had ceased without an agreed deal.

($1 = 1.4970 Australian dollars)