Australian Unity Healthcare Property Trust rejects NorthWest Healthcare’s $2.7B third bid

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The board of Australian Unity Funds Management (AUFM) has rejected Canadian-based healthcare real estate operator NorthWest’s third bid to buy Australian Unity Healthcare Property Trust (AUHPT) for $2.7 billion.

AUFM is an investment fund. It is an entity within Australian Unity but is not a retirement village or home care operator provider. It does however fund and own villages and RACs.

The AUFM board rejected NorthWest’s third proposal of $2.55 per wholesale unit on the basis “it undervalues AUHPT and is not in the best interests of AUHPT unitholders.”

The offer by NorthWest, the largest manager of healthcare real estate in Australia and New Zealand, is to pay AUHPT unitholders $2.55 per Wholesale Unit, $2.61 per Retail Unit and $1.62 per Class A Unit.

AUHPT owns Constitution Hill RAC in NSW.