June 21, 2020 / 11:34 PM / 16 days ago

NZ's Abano Healthcare gets updated bids

June 22 (Reuters) - Dental clinics operator Abano Healthcare Group Ltd said on Monday it was not looking to sell itself through a scheme of arrangement option or a go-private deal after it received updated proposals from interested parties.

The company did not disclose details of who the parties were or the terms of their proposals.

Abano confirmed last week that it was weighing two bids from private equity firm BGH Capital and its partner, Ontario Teachers’ Pension Plan, worth NZ$3 a share and NZ$3.25 a share.

The company has been a takeover target since last September, receiving buyout bids from peer 1300 Smiles Ltd as well as other private equity firms, but its valuation has dropped in recent months as the coronavirus outbreak dented its business.

It reiterated on Monday that the performance of its clinics, which were forced to shut during the pandemic, had been “ahead of expectations” since they reopened, and that the business would make a full recovery “in time”.

Shares of the company fell as much as 3% to NZ$2.90 in early trade. (Reporting by Soumyajit Saha in Bengaluru; Editing by Peter Cooney)

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