The statement also indicated the buyer had aspirations to expand in Australasia and Keys said that might give a clue to the party's country of origin. The prospective buyer had no involvement in Abano, which has healthcare, dental, radiology, audiology, pathology and orthotics services.
More action could emerge soon.
"The board formed the view that the party was not offering any unique attributes or an approach which were not already reflected in the company's strategic plan," the company's statement said.
"The board also concluded that the indicative price, while above current market prices, substantially failed to reflect Abano's value or prospects, and was not close to a level which would warrant granting an exclusive period of dealing and due diligence, especially to a party with a stated long-standing aspiration to enter the dental sector."
An indication had now been made that the raider "currently intends to promptly move down the takeover path", the board revealed.
In 2007 and 2008, Masthead Portfolios' Mark Stewart and Australian private equity firm Crescent Capital made takeover bids that were rebuffed by the company.