Australian health group Healius rejected a A$1.7 billion ($1.21 billion) takeover bid on Jan.7 from Chinese construction company Jangho Group.
Jangho, which is also Healius’ largest shareholder with a 15.9 percent stake, has been making inroads into Australia’s healthcare sector. The foreign company made the unsolicited buyout offer on Jan. 3 to acquire the rest of Healius at A$3.25 ($2.32) a share. Following news of the takeover proposal, Healius’ share price increased 7.8 percent to A$2.63 ($1.88) on Jan. 3 and a further 4.56 percent to A$2.75 ($1.96) on Jan. 4.
