Bridgepoint has acquired Finland-based healthcare company Terveystalo Healthcare Oyj for €312 million, via a public tender offer.
Final result of Star Healthcare’s public tender offer for all the shares and option rights in Terveystalo Healthcare.
The offer period in the public tender offer by Star Healthcare Oy (“Star Healthcare”) for all of the issued and outstanding shares in Terveystalo Healthcare Oyj (“Terveystalo”) that are not owned by Terveystalo and option rights in Terveystalo (the “Tender Offer”) expired on 16 February 2009.
According to the final result of the Tender Offer, the shares tendered in the Tender Offer represent approximately 95.7 per cent of all the shares and votes in Terveystalo. All the outstanding option rights have been tendered into the Tender Offer.
As all the conditions to completion of the Tender Offer have been fulfilled, Star Healthcare will complete the Tender Offer in accordance with its terms and conditions. The offer consideration will be paid to the shareholders and holders of option rights who have validly accepted the Tender Offer in accordance with the terms and conditions of the Tender Offer on or about 25 February 2009.
Star Healthcare’s intention is to acquire all the shares in Terveystalo. As Star Healthcare’s ownership upon the settlement of the completion trades will exceed nine-tenths (9/10) of the shares and voting rights in Terveystalo, Star Healthcare will initiate compulsory redemption proceedings for the remaining shares in Terveystalo under the Finnish Companies Act. Star Heathcare may purchase shares in Terveystalo also in public trading on NASDAQ OMX Helsinki or otherwise at a price not exceeding the offer price of EUR 2.00 per share.
Advisers involved in this transaction included: for Bridgepoint: SEB Enskilda (financial), Roschier (legal), Travers Smith ((legal- banking), Ernst & Young (financial diligence & tax), LEK (market diligence), BCG (operational due diligence), Marsh (insurance); for Terveystalo – Asianajotoimisto Bützow (legal), Pohjola Corporate Finance (fairness opinion).