November 5, 2019 / 7:34 AM / 4 months ago

Finland's Mehiläinen in $403 mln deal for Pihlajalinna

HELSINKI, Nov 5 (Reuters) - Finland’s Mehiläinen announced a recommended cash offer for rival healthcare services provider Pihlajalinna Oyj which values its shares at 362 million euros ($403 million).

Pihlajalinna’s board recommends the offer and shareholders representing 63.2% of all shares have accepted it, venture-backed Mehiläinen said.

It offered 16.00 euros per Pihlajalinna share, which closed on Monday at 10.96 euros.

“Adequate scope and scale are required in order for health and social care service providers to be able to offer best in class quality, effectively exploit digitalisation and to develop innovative services,” Mehilainen said in a statement.

“The scale of the combined company will also support the international expansion targeted by Mehiläinen,” it said.

CVC Capital Partners funds own 57% of Mehiläinen.

$1 = 0.8989 euros Reporting by Jason Neely

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