The Acurity Health Group, formerly Wakefield Health, has told shareholders not to respond to a partial takeover bid until they have received full advice.
Last month the company received a $52 million partial takeover offer from two of its largest shareholders.
Austron, a joint-venture entity owned by Royston Hospital Trust Board and Masthead Holdings subsidiary Medusa, is offering $6 a share for just over 50% of the private healthcare provider.
A committee of independent directors was formed to consider the offer and KordaMentha was appointed as an independent adviser to prepare a report on it.
The private hospital operator and investor issued a "Take no action" letter on Tuesday, encouraging investors to wait for the committee's response to the bid.