US-based Tenet Healthcare has withdrawn its bid for Australian private hospitals operator Healthscope.
In a statement overnight, Tenet said it had pulled out of takeover talks following the ‘‘premature disclosure of non-public information’’ regarding its interest in Healthscope.
‘‘Tenet has been unable to complete the work necessary to thoroughly convey to shareholders the potential value, including the inherent risks and opportunities, of this transaction,’’ Tenet said in a statement. ‘‘Tenet has concluded that in order to eliminate a prolonged period of uncertainty and market speculation surrounding this possible transaction, it is best to withdraw from this process.’’
Tenet said the due diligence process, which had commenced, was in the early states and ‘‘has not proceeded as quickly and completely as anticipated’’.
Healthscope said last week it had received three takeover proposals, including that of Tenet, but declined to identify the parties. Healthscope stock closed on Monday at $5.49.
AAP
