While Mike Cannon-Brookes and AGL Energy hog the limelight in large caps, in small caps land the epic battle for IVF provider Virtus Health is set to come to a head.
After six months of back-and-forth bids between two PE suitors, six trips to the Takeovers Panel, a sharemarket raid and limitless fodder for MVirtus Health investors are due to vote on CapVest’s bid on June 6.The proxy firms have started having their say ahead of the scheme meeting, looking through the twists and turns to see whether Jefferies and Gilbert + Tobin-advised Virtus Health’s moves pass muster.
First cab off the rank was Ownership Matters, which speaks directly to about 10 per cent of the register and double that if you count ACSI’s clients, who were also expected to get it. It recommended clients vote “for” CapVest’s $8.15/$8.10 offer and the IVF company’s proposed capital return, saying it was within the independent expert’s assessed valuation range and no superior proposal had emerged.While Ownership Matters was speaking about the facts in front of it, it’s hard to believe there’s not another twist left in the Virtus tale.
Rival suitor BGH Capital is sitting on a 20 per cent Virtus stake and has vowed to vote not to accept any takeover offer from CapVest. It hasn’t given up on its takeover ambitions, as seen by Friday’s move to extend closing on its out of the money $8 a share off-market bid, but is clearly running out of time.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets.
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