November 28, 2017 / 10:01 PM / a year ago

Australia's Capitol Health says intends to make offer for Integral Diagnostics

(Reuters) - Healthcare provider Capitol Health Ltd (CAJ.AX) said on Wednesday that it intends to make a takeover offer for rival Integral Diagnostics Ltd (IDX.AX) for about A$356.8 million ($270.99 million), a deal that could create one of Australia’s biggest radiology companies.

Capitol Health said in a statement that it was offering 6.9 Capitol shares and 36 cents for each Integral share, valuing Integral at A$2.46 per share. That represents a 30 percent premium over Integral’s closing share price on Tuesday.

“We look forward to combining Capitol’s and Integral’s strengths, including the clinicians, into one of Australia’s leading healthcare services providers,” Capitol Health Chief Executive Andrew Harrison said in the statement.

The company said it had been in intermittent discussions with Integral about a merger over the past year without success.

It said that certain Integral shareholders had indicated support for the offer by entering into pre-bid acceptance agreements.

($1 = 1.3167 Australian dollars)

Reporting by Chandini Monnappa in Bengaluru, Editing by Larry King

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