ES Saude bidder Grupo Jose de Mello to sell EDP stake to part-finance its EUR 4.40/share bid
Grupo Jose de Mello, the Portuguese conglomerate, will sell is 2% stake in EDP worth around EUR 258m to partly finance its healthcare unit JMS's takeover bid on ES Saude, the listed private hospitals operator, reported Expresso.
Sources close to the situation told the Lusophone weekly publication that Grupo Jose de Mello will offload its remaining 2% EDP holding to finance the JMS bid that values ES Saude at EUR 420m. JMS launched a EUR 4.40 per share offer this week for ES Saude in a rival offer to the EUR 4.30 from Grupo Angeles of Mexico.
In addition to the proceeds from the EDP share sale, JMS will use the Santander-led syndicated loan for its ES Saude bid, the same sources said.
Elsewhere, other sources told Diario Economico that Portuguese insurance group Fidelidade is among parties that could enter the race to acquire ES Saude. Brazilian health group Amil has also mandated financial advisors for a possible counter-bid on ES Saude.
Source Expresso, Diario Economico