Australia’s APM Human Services gets buyout offer from US firm

FILE PHOTO: A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. Picture taken February 13, 2018. REUTERS/David Gray/File Photo

SYDNEY: APM Human Services International received an A$1.28bil (US$841.09mil) buyout offer from US private equity firm Madison Dearborn Partners and said it expects lower earnings this year, sending its shares down 30%.

Madison Dearborn, which already owns more than a 29% stake in the company, offered to acquire the rest for A$1.40 per share, a 14.1% discount to APM’s last closing price on March 26 and lower than previous suitor CVC Asia Pacific’s final offer of A$2 apiece.