NMC Health of Abu Dhabi approaches Al Noor about counteroffer | The National

NMC Health of Abu Dhabi approaches Al Noor about counteroffer | The National:

"NMC Health, the UAE health-care company, made an approach to Al Noor Hospitals Group about a possible offer that would challenge an earlier proposal by South Africa’s Mediclinic International.

NMC Health, the first Abu Dhabi-based company to list on the premium segment of the London Stock Exchange, has until November 6 to make a firm offer, Al Noor, which is also based in Abu Dhabi, said in a statement on Friday. Bloomberg News earlier reported the approach. Al Noor is leaning toward accepting the Mediclinic proposal, according to a person familiar with the matter, who asked not to be identified as the company’s deliberations are private.

Al Noor shares reversed losses and advanced 1.9 per cent to 998.5 pence as of 2.43pm in London, valuing the company at £1.2 billion (Dh6.75bn). NMC declined 2.4 per cent. Mediclinic reversed gains, and traded 2.2 per cent lower at 117 (Dh32.17) rand as of 3.41pm. in Johannesburg, valuing the company at 115 billion rand.

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