October 10, 2018 / 7:01 AM / 2 months ago

Capio's board recommends increased bid from Ramsay to shareholders

STOCKHOLM, Oct 10 (Reuters) - The Board of Sweden’s Capio unanimously recommends its shareholders to accept Ramsay Generale de Sante raised bid, it said on Wednesday.

The French hospital operator raised its cash bid for Capio by almost 20 percent on Monday, valuing the company at around 8.19 billion crowns ($903 million).

Capio also decided to withdraw its proposal for a sale of Capio France and has cancelled the extraordinary general meeting to resolve on such sale, it said in a statement.

Ramsay Generale, 50.9 percent owned by Australia’s Ramsay Health Care, raised its bid for Capio to 58 crowns per share on Monday.

An initial bid of 48.50 crowns had been quickly rebuffed by Capio’s board and several of its largest investors in July. (Reporting by Helena Soderpalm; Editing by Simon Johnson)

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