Wakefield makes full takeover of Grace Hospital owner Norfolk

Wakefield Health, the owner of Wellington’s Bowen and Wakefield hospitals, will make a full takeover offer for Norfolk Investments for $22.6 million, gaining control of Tauranga’s Grace Hospital.

Shareholders in Norfolk include Wakefield’s chairman John Calder, with a 7.5% holding, who has committed to sell into the offer. Under NZX listing rules, Calder’s acceptance of the offer constitutes a related party transaction.

NZX regulation has granted the company a waiver to allow the deal to proceed without going to a shareholder vote, provided that directors not associated with Calder vouch that it is fair and in Wakefield’s best interests.

The offer values Norfolk at $3.6438 a share including a fully imputed dividend of 10.73 cents a share. Norfolk owns 60% of Grace Hospital, with the balance owned by Southern Cross.

Shares of Wakefield fell 0.1% to $7.01 and have declined 22% in the past six months.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Wakefield discovers past banking covenant breach, now remedied
Wakefield 1st half net profit up nearly 33%
Wakefield reports buoyant start to the year but expects weaker second half
Wakefield warns of further quake-strengthening costs
Wakefield Health to tap investors for $15 mln to pay for acquisitions
Wakefield spends $6.8 mln on specialist Auckland clinics
Wakefield Health mails out bid for Norfolk
Daily ShareChat: Wakefield Health
Wakefield bid for Norfolk stumbles again
Wakefield sweetens offer for Norfolk

Get quotes for Wakefield Health Limited Ordinary Shares (WFD)