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On September 13, the Islamic Republic News Agency (IRNA) reported, citing local Iranian officials, that an Iranian container ship was attacked by an unidentified projectile in the waters near the Strait of Hormuz, resulting in one death and four injuries.On September 13th, market observers stated that Anthropic executives call to slow down technological development could drag down chipmaker and supply chain stocks in the short term, but the long-term impact is likely to be limited as spending on computing infrastructure remains strong. Semiconductor manufacturers and other AI-related stocks are likely to be hit hardest in Mondays initial sell-off as investors assess whether a more cautious approach to developing advanced models will dampen earnings. However, given that demand for chips, energy, and computing power continues to outpace supply, any weakness is likely to be temporary. Investors, including Gary Tan, portfolio manager at Singapore-based Allspring Global Investments, are skeptical about a lasting impact on the industry. "This could create some short-term pressure, but its unlikely to derail the long-term AI deal. AI development is still in its relatively early stages, and Im not sure if the rest of the ecosystem is willing to accept the current hierarchy and slow down while the technology is still evolving so rapidly," he said.On September 13th, Ukrainian President Volodymyr Zelenskyy posted on social media that Russia had launched approximately 2,100 drones (many of which were Shahed drones) at Ukraine this week alone. In addition, Russia used nearly 1,700 glide bombs and 78 rockets of various types in an attempt to paralyze the Ukrainian economy and disrupt peoples lives. This night and this morning, energy, Ukrainian railways, businesses, and ordinary residences were attacked. The Russian military attacked Odessa with rockets and drones. Recovery work is still underway in many western regions following the nights attacks.On September 13, Russian State Atomic Energy Corporation (Rosatoburo) CEO Likhachev stated that Ukrainian forces deliberately attacked a convoy of oil tankers carrying diesel fuel for the Zaporizhia nuclear power plant at 2:28 PM on September 11. The attack resulted in the deaths of two Russian soldiers and injuries to several others. Likhachev said that Ukraines deliberate provocation regarding the nuclear power plant has unpredictable consequences. Ukraine has not yet responded.The U.S. National Hurricane Center reports that Norbert has strengthened slightly and is expected to dissipate east of Hawaii by mid-next week.

$14.8 Billion Proposal From KKR-led Consortium Boosts Ramsay Health Care's Shares

Aria Thomas

Apr 20, 2022 10:00

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The non-binding offer price of A$88 in cash per share represents an almost 37% premium over Ramsay's Tuesday closing price of A$64.39. The offer boosted the hospital operator's shares by up to 29.8 percent to A$83.55 in early trading, the largest intraday gain in company history.


Ramsay said in a statement that it would undertake non-exclusive due diligence to the KKR-led group and that discussions were at an early stage.


The hospital operator said that it had evaluated the proposal with its advisors and requested further information from the partnership on the group's finances and deal structure.


KKR did not react quickly to a request for comment from Reuters.


If completed, the buyout would be the largest in Australia this year, almost doubling transaction activity, which fell 41.2 percent year on year in the first quarter to $17.4 billion, according to Refinitiv data.


The suggestion comes as record-low borrowing rates encourage private equity companies, superannuation funds, and pension funds to invest in healthcare and infrastructure assets.


Additionally, the transaction would be the largest private equity-backed takeover of an Australian corporation. The nation has seen a rush of spectacular takeovers in the last year, including the acquisition of Sydney Airport and Block Inc S acquisition of Afterpay, the buy-now-pay-later king.


The pandemic impacted healthcare operators such as Ramsay, with non-emergency procedures being closed, workforce shortages owing to isolation laws, and upward wage pressure impacting on profits, making the industry more inexpensive for a buyout than it was a few years ago.


CSL (OTC:CSLLY) Ltd, an Australian pharmaceutical company, announced last year that it will acquire Swiss manufacturer Vifor Pharma AG for $11.7 billion.


The transaction would provide a significant return for the Paul Ramsay Foundation, the company's largest shareholder at 18.8 percent.


Paul Ramsay founded the Foundation in 1964 with the conversion of a Sydney guest house into one of the country's first mental hospitals. In 2019, the Foundation sold approximately 11% of the firm for A$61.80 per share, much less than KKR's indicated price.


Reuters' request for comment was not immediately responded to.


According to its website, Ramsay runs hospitals and clinics in ten countries across three continents, with a network of more than 530 facilities.


It runs 72 private hospitals and day surgery centres in Australia and over 350 clinics and primary care units in six European countries.


KKR presently owns Elsan, a French healthcare company.


Earlier this year, IHH Healthcare Bhd made Ramsay and Malaysia's Sime Darby Holdings a $1.35 billion acquisition bid for their Asia joint venture. Ramsay said that it was continuing to pursue this purchase.


The hospital operator has retained UBS AG's Australia Branch and Herbert Smith Freehills as financial and legal consultants on the KKR-led consortium's bid, respectively.

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