Healthscope will spin off most of its $1 billion hospital assets and lease them back,it said,after revealing a 50 per cent drop in full-year net profit.
Healthscope will use the sale proceeds to pay down debt and fund its expansion plans.
The board's refusal to grant access to due diligence is as much a tactical decision as a fundamental rejection of the concept of a private equity offer.
Healthscope has announced a review of its property portfolio,a profit warning and hospital closures in Victoria.
The proposal from Canada's Brookfield Asset Management is $240 million more than a private equity firm offered it in April.
BGH looked like it had its target locked. It’s not proving to be quite that straightforward.
The consortium behind a $4.1 billion bid for Healthscope will be looking to highlight troubles the group is facing with the state's nurses.
A number of developments that have under-performed in the health giant's main market will provide fodder for critics.
The proposed deal features a new approach from the nation's biggest super fund.
Healthscope said on Thursday it received a buyout offer from a private equity consortium for $4.11 billion,or $2.36 cash per share.