April 20 (Reuters) – Australia’s Monash IVF said on Monday that it had rejected a takeover offer from a consortium valuing the fertility services provider at A$350.7 million ($250.36 million).
The company said the offer from the consortium comprising Genesis Capital and Washington H. Soul Pattinson’s investment arm, undervalued Monash, but that it remained open to a higher offer.
It said the A$0.90 per share offer was at a substantial discount to comparable IVF transactions in the Australian market. Shares closed up 0.7% at A$0.765 on Friday.
The response marks the second rejection of a proposal by the consortium, after it struck down an offer in November valuing the company at A$311.7 million.
“The Board, in consultation with its advisers, has formed the view that the revised Proposal in its current form undervalues the Company”, Chairman Richard Davis said in a statement.
($1 = 1.4008 Australian dollars)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Lisa Shumaker)
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