StockMarketWire.com - Spire Healthcare Group has rejected a takeover bid from Mediclinic on the grounds that it under valued the company.

Spire said it received a revised proposal from Mediclinic of 165p per share in cash plus 0.271 new Mediclinic shares per Spire share.

On the basis of Mediclinic's closing share price on 17 November of 555.5p, this valued each Spire share at 315.5p.

"The board of Spire, in conjunction with its financial and legal advisers, reviewed the revised proposal and rejected it on the basis that it undervalued Spire and its prospects," Spire said.

Mediclinic said it was disappointed that it could not reach an agreement with Spire's directors and that it did not intend to make an offer for Spire.

Mediclinic added that it intended to remain a supportive shareholder of Spire.




Story provided by StockMarketWire.com