KKR, others cited for Healthscope
Kohlberg Kravis Roberts & Co. and an unnamed strategic bidder have been cited as the latest contenders for Australia's Healthscope Ltd., entering bids of around A$1.84 billion ($1.56 billion), marginally above the A$1.8 billion ($1.5 billion) already offered by a consortium of the Blackstone Group, the Carlyle Group and TPG Capital.
KKR may be joined by another financial or strategic partner on its bid for the Melbourne-based hospitals and pathology chain, according to reports. However, all offers so far are non-binding, and Healthscope has not named any of the contenders. Blackstone itself only joined the Carlyle/TPG consortium at a late stage. UBS and other banking and analyst sources are continuing to advocate a breakup of Healthscope's hospitals and pathology businesses as the optimum way to maximize value from the deal. Goldman Sachs JBWere and Lazard are advising Healthscope, with Minter Ellison acting as legal advisor. UBS is advising Blackstone and Morgan Stanley advising KKR, while Citi is apparently advising the healthcare strategic seeking to join the bidding.
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