Swedish care provider Ambea makes recommended $304 million offer for Humana
Humana Inc. HUM | 0.00 |
June 29 (Reuters) - Swedish care provider Ambea AMBEA.ST said on Monday it had made a recommended public offer for peer Humana HUMAN.ST, valuing the company at about 2.96 billion Swedish crowns ($304.13 million).
Ambea is offering Humana shareholders SEK 20 in cash, 0.305 Ambea shares and one contingent value right for each Humana share.
The cash-and-share part of the offer corresponds to SEK 62.30 per Humana share, a 26.8% premium to Humana's closing price on June 26.
The combination would strengthen Ambea's position in the Nordic care market, where ageing populations and increasingly complex care needs are driving structural demand.
Humana's board unanimously recommended shareholders accept the offer, while holders of about 41.9% of Humana's shares have undertaken to accept it.
The contingent value right could pay up to SEK 4.36 per Humana share, depending on Humana's appeal in a damages case against the Swedish state over its revoked personal-assistance licence.
Ambea said it plans to divest Humana's Personal Assistance Sweden business following completion of the offer.
($1 = 9.7326 Swedish crowns)
