Capio recommends new takeover bid

Swedish healthcare group Capio AB said its board is recommending shareholders accept a raised bid of 167 kronor per share from Opica AB.

Pension funds and other large shareholders representing around 37 percent of the shares and votes in Capio in total have stated that, based on Capio’s recommendation, they also support the increased offer.

The new offer values Capio at 17 billion kronor. The increased offer represents an increase of 1.43 billion kronor or 14 kronor per share or 9 percent compared to the original offer of 153 kronor per share.

“The board of directors of Capio unanimously recommends the shareholders in Capio accept the increased offer,” said Capio.

“The board assessed a number of alternatives and is of the opinion that the shareholders’ interests have been well served by the significantly increased offer from Opica,” it said.

Capio said over the last few weeks, it received several written offers from rival private equity companies “meaningfully above” the original Opica offer of 153 kronor per share. However the board found these parties were not able to offer a bid level its board could recommend.

Opica is owned by investment company Nordic Capital and French company Apax Partners.