Offer for Acurity under review

00:56, Aug 20 2014

A takeover bid for Wellington-based listed company Acurity is being reviewed, including the potential price.

Connor Healthcare, a company jointly established by the two principal shareholders in Acurity, last month made a bid of $6.50 a share to buy the balance of the shares it does not own in the private healthcare provider.

The partners in Connor already hold about 70 per cent of shares in Acurity, formerly Wakefield Health.

But today, Acurity issued a statement to the NZX saying it understood Connor was reviewing its offer terms, including, potentially the price.

As such, it recommended shareholders not deal with their shares until they received, and considered, takeover response documents being prepared by a committee of independent Acurity directors.

KordaMentha had been hired as an independent adviser for Acurity.

In 2012, an outside report valued Acurity's shares at between $6.92 and $7.88 each.

Connor had indicated an offer would be formally made to shareholders later this month.

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