Lufthansa, pilots' union agree initial points in wage dispute

© Reuters. Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

By Sameer Manekar

(Reuters) -Australian hospital operator Ramsay Health Care said on Tuesday a consortium led by KKR & Co (NYSE:) Inc had declined to improve its near $14.5 billion cash-and-stock offer that Ramsay considers “meaningfully inferior”.

Ramsay’s stock slid nearly 12%.

The consortium, whose members include Australian pension fund HESTA and the Abu Dhabi Investment Authority (ADIA), cited Ramsay’s weak performance in fiscal 2022, Ramsay said.

“The Ramsay board is yet to consider the correspondence which was received late yesterday evening … however there is no certainty that any further proposal will be forthcoming or that any proposal would result in a transaction,” the New South Wales-based hospital operator said.

However, the correspondence also said the group would discuss mutually acceptable terms if Ramsay was willing to reset valuation expectations and consider a new proposal.

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By Reuters