By P.R. Venkat
Bangkok Dusit Medical Services PCL has canceled its over $3 billion offer to buy shares that it doesn't already own in Bumrungrad Hospital PCL, citing the Covid-19 situation.
"The board of directors... resolved to cancel the tender offer for BH's securities due to the Covid-19 virus situation, which materially affects the economy, investment, various industries, and other businesses in the country," Bangkok Dusit said Wednesday.
In February, Bangkok Dusit had offered up to 102.74 billion baht ($3.29 billion) to acquire a 75% stake in Bumrungrad Hospital.
Bangkok Dusit, Thailand's largest private healthcare provider, had said it could offer up to 20% more than that amount depending on market conditions and Bumrungrad's stock price at the time of the final offer.
Bangkok Dusit's offer was for Bumrungrad's ordinary shares, preference shares and all convertible debentures, which can be converted to ordinary shares.
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