Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

South Africa’s Mediclinic to buy Al Noor Hospitals

If Mediclinic emerges the victor, the deal will be structured as a reverse takeover, creating a group with a turnover of over $4bn – the largest health care provider in the United Arab Emirates by revenue. Al Noor shareholders will get a special dividend of 3.28 British pounds ($5.02) or can sell their shares back for 11.6 pounds apiece.

The Combination will result in Mediclinic shareholders owning 84% to 93% of the Enlarged Group, depending on take-up by existing Al Noor shareholders under the tender offer and before the subscription by Remgro for new Al Noor shares to part-fund the tender offer.

London Stock Exchange. The company will also have a secondary listing in Johannesburg, and may trade on the Namibian Stock Exchange.

However, the deal has not discouraged the London-listed firm in its attempt to merge with Al Noor – in a statement today it said it “remains committed to a combination”, sending shares up 1.33 per cent to £8.19. NMC Health was up 4.2 percent at 822 pence.

NMC Health said yesterday that it would not give up on its pursuit of a tie-up with Al Noor Hospitals, even after the Abu Dhabi-based firm agreed merger terms with Johannesburg-listed Mediclinic.

Andre Bekker, an analyst at Avior Capital Markets in Johannesburg, said by telephone. The Chairman will be Edwin Hertzog (currently Chairman of Mediclinic) and the Senior Independent Director will be Ian Tyler (currently Chairman of Al Noor).

The combined company, which is being branded Mediclinic worldwide, will be the largest healthcare provider in the UAE and the third largest in South Africa.

He said the board had considered the NMC Health proposal and had concluded it was “inferior both on the value and on the deal certainty”. Mediclinic shareholders will receive 0.625 shares in the new company for each of their shares. NMC climbed two per cent to 825 pence in London.

“The combined business represents a unique platform from which to pursue numerous expansion opportunities in the high-growth UAE and wider Middle East healthcare market”, said Mediclinic’s chief executive officer Danie Meintjes.

Mediclinic expects the Combination to be earnings neutral to Mediclinic shareholders in the first full year of consolidation and accretive thereafter.

Reply