Just hours after extending his partial takeover offer for Abano Healthcare, Masthead Portfolios' Mark Stewart yesterday confirmed he has received "approaches" from other parties interested in buying its 19.9 per cent stake.
Masthead yesterday extended its recently revised $5 a share offer for 51 per cent of the
rapidly expanding clinical services company for a further 11 days to December 10, and has written directly to shareholders encouraging them to accept.
The offer has market watchers speculating as to whether it is a genuine bid for control - albeit at what is regarded by some as a sharp price - or merely an attempt to flush out a more lucrative bid from other potential bidders.
Abano's board has urged shareholders not to accept Masthead's offer, which is at the bottom of an independent valuation, and have reiterated their advice that there is potential for another offer.
The Business Herald understands two interested parties have either completed or are currently conducting due diligence on Abano, with a third yet to begin.
Australian private equity outfit Crescent Capital has been tipped as a potential bidder, but Stewart said yesterday that he had not spoken to them.
"We've been approached by interests, one party hasn't even disclosed to us who they are representing."
"People are ascertaining whether we're a seller and that's progressed last week to the point where we decided to show everybody our intentions by upping our price.
"We've put a price on the table which I'd suggest is probably indicating we're a buyer not a seller."
Abano shares closed 5c lower at $4.85 yesterday.
