Wakefield Heath has lifted its offer for Norfolk Investments and says it has acceptances from more than half of the stockholders.
The private healthcare company previously offered to buy Norfolk's interest in Grace Hospital, Tauranga, for $3.53 per share, but failed to obtain approval from shareholders.
Wakefield says it's now consulted Norfolk's shareholders and directors, and believes there's still strong support for involvement in the company.
It's raised the offer to $3.60 per share - valuing Norfolk at almost $23 million.
Wakefield says it holds binding acceptance commitments in respect of more than 50% of the Norfolk shares, but the offer remains subject to shareholder approval.