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NMC Health will not negotiate on Al Noor Hospitals offer - vice chair
November 16, 2015 / 11:38 AM / in 2 years

NMC Health will not negotiate on Al Noor Hospitals offer - vice chair

ABU DHABI, Nov 16 (Reuters) - NMC Health, the United Arab Emirates-based healthcare provider, has submitted an offer for rival Al Noor Hospitals but will not negotiate on price, vice chairman and chief executive BR Shetty told Reuters on Monday.

“We have given our offer and that is it,” Shetty said. “There will be no further negotiations as I don’t want to over-trade,” he added.

He spoke after a report carried by UAE newspaper The National, citing sources, said that NMC Health may withdraw from the process on concerns the firm will have to resort to raising “a lot of debt” or a rights issue to outbid their competitors.

South Africa’s Mediclinic Intl agreed last month to buy Al Noor for around 1.4 billion pounds ($2.13 billion), although NMC said at the time it would fight on. VPS Healthcare has also expressed interest in the business.

$1 = 0.6579 pounds Reporting by Stanley Carvalho; Writing by Hadeel Al Sayegh; Editing by David French

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