20 Jul 2011

Wakefield offers for Norfolk investments

8:46 pm on 20 July 2011

Wakefield Health has finally made a takeover bid for Norfolk Investments.

The private hospital operator is offering $3.80 a share, valuing Norfolk at $24.2 million.

Norfolk owns 60% of the Grace Hospital in Tauranga with the balance owned indirectly by Southern Cross Hospitals.

The offer is conditional on Wakefield securing 50% of the voting rights and Norfolk's businesses carrying on as normal.

The majority of Norfolk's shareholders had signalled they intend to accept an offer.

The offer closes on 18 August.