Private equity terminates proposed acquisition of Ramsay Health Care

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A consortium led by private equity company KKR has terminated its proposed takeover of Australian private hospital group Ramsay Health Care.

Confirmation of the termination follows the withdrawal last month of an initial offer of $88 per share that valued the company at over $20 billion. The consortium led by KKR withdrew the offer in favour of an alternative proposal with a non-cash component that Ramsay described as "meaningfully inferior".

In a statement to the ASX, Ramsay said discussions are "concluded" and that they "have not resulted in a binding agreement for the sale" of the company.