9th Mar 2020 17:01
(Alliance News) - GKSD Investment Holding SA on Monday said it will not make a takeover offer for beleaguered hospital operator NMC Health PLC.
In February, the private equity firm confirmed it was considering a potential offer for the company which is currently working to ascertain the total holdings of major investors including those of co-founder & former joint chair Bavaguthu Raghuram Shetty.
In December, Muddy Waters raised doubts over NMC's financial statements, including reported profit and levels of debt. NMC then attempted to unravel shareholdings of investors Shetty, Al Qebaisi, and Al Muhairi following the revelation of a complex set of share transfers between the trio.
In January, NMC asked Freeh Group International Solutions and law firm Glaser Weil to provide a independent report addressing the allegations. The review revealed potential discrepancies in the company's finances.
On Monday, GKSD confirmed it will not make a firm offer for the takeover of NMC.
Shares in NMC were last quoted at 938.40 pence each, having been suspended since late February.
By Ife Taiwo; [email protected]
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