Primary declares Symbion offer unconditional

Tue Feb 12, 2008 11:16pm GMT
 
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SYDNEY, Feb 13 (Reuters) - Primary Health Care Ltd (PRY.AX: Quote, Profile, Research) declared its A$2.7 billion ($2.4 billion) offer for Symbion Health Ltd SYB.AX unconditional on Wednesday, bringing closer the end of a long-running takeover battle.

Primary had said on Tuesday it had secured a majority interest in Symbion, and indicated it would declare its offer unconditional providing certain conditions were not triggered before the end of Tuesday.

Symbion said on Monday it would likely back Primary's offer of A$4.10 a share if Primary reached 50.1 percent and declared its offer unconditional. Symbion had previously rejected the deal.

Primary's offer, which it said last week it would not raise, is due to close on Feb. 21. ($1=A$1.11) (Reporting by Ben Wilson)

 

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