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On September 8th, news broke that Samsung plans to supply image sensors for Apples iPhone 18 series in 2026, challenging Sonys long-held monopoly in the field. Analyst Ming-Chi Kuo noted that plans have changed, and the sensors, originally expected to be mass-produced in 2026, may now be delayed until 2027. He did not disclose the reason for the delay. While Samsung has accumulated years of experience in supplying components such as displays, DRAM, and NAND, it still needs to prove its technological prowess to Apple when it comes to camera image sensors. Kuo also noted that Samsungs ultra-wide-angle image sensors are expected to be introduced first in mid-range and low-end iPhone models.On September 8th, Pepperstones Chris Weston wrote that the departure of Japanese Prime Minister Shigeru Ishiba has shifted the focus to his successor and what this might mean for political stability. Markets will weigh the extent of additional fiscal measures and budgets under the new leadership. "The extent of fiscal stimulus will be crucial to controlling the rise in long-term Japanese government bonds," he said. These developments could be seen as further justification for delaying the Bank of Japans next 25 basis point rate hike until 2026. This expectation is already priced into the market, with swap traders anticipating only a 12 basis point rate hike by December. Weston noted this as another reason why few are currently willing to hold the yen. He expects yen weakness in Asian markets to become widespread.Some Hong Kong stocks with new consumption concepts fell, with Pop Mart (09992.HK) falling more than 6%, BRUCO (00325.HK) falling more than 3%, and Cha Baidao (02555.HK) following suit.The Hang Seng Index in Hong Kong opened at 25,440.01 points on Monday, September 8, up 22.03 points, or 0.09%. The Hang Seng Tech Index in Hong Kong opened at 5,693.99 points on Monday, up 6.54 points, or 0.11%. The CSI 300 Index opened at 9,059.22 points on Monday, up 2.0 points, or 0.02%. The H-share Index opened at 4,260.37 points on Monday, down 7.9 points, or 0.19%.Hang Seng Index futures opened down 0.10% at 25,374 points, 38 points below the spot price.

$14.8 Billion Proposal From KKR-led Consortium Boosts Ramsay Health Care's Shares

Aria Thomas

Apr 20, 2022 10:00

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The non-binding offer price of A$88 in cash per share represents an almost 37% premium over Ramsay's Tuesday closing price of A$64.39. The offer boosted the hospital operator's shares by up to 29.8 percent to A$83.55 in early trading, the largest intraday gain in company history.


Ramsay said in a statement that it would undertake non-exclusive due diligence to the KKR-led group and that discussions were at an early stage.


The hospital operator said that it had evaluated the proposal with its advisors and requested further information from the partnership on the group's finances and deal structure.


KKR did not react quickly to a request for comment from Reuters.


If completed, the buyout would be the largest in Australia this year, almost doubling transaction activity, which fell 41.2 percent year on year in the first quarter to $17.4 billion, according to Refinitiv data.


The suggestion comes as record-low borrowing rates encourage private equity companies, superannuation funds, and pension funds to invest in healthcare and infrastructure assets.


Additionally, the transaction would be the largest private equity-backed takeover of an Australian corporation. The nation has seen a rush of spectacular takeovers in the last year, including the acquisition of Sydney Airport and Block Inc S acquisition of Afterpay, the buy-now-pay-later king.


The pandemic impacted healthcare operators such as Ramsay, with non-emergency procedures being closed, workforce shortages owing to isolation laws, and upward wage pressure impacting on profits, making the industry more inexpensive for a buyout than it was a few years ago.


CSL (OTC:CSLLY) Ltd, an Australian pharmaceutical company, announced last year that it will acquire Swiss manufacturer Vifor Pharma AG for $11.7 billion.


The transaction would provide a significant return for the Paul Ramsay Foundation, the company's largest shareholder at 18.8 percent.


Paul Ramsay founded the Foundation in 1964 with the conversion of a Sydney guest house into one of the country's first mental hospitals. In 2019, the Foundation sold approximately 11% of the firm for A$61.80 per share, much less than KKR's indicated price.


Reuters' request for comment was not immediately responded to.


According to its website, Ramsay runs hospitals and clinics in ten countries across three continents, with a network of more than 530 facilities.


It runs 72 private hospitals and day surgery centres in Australia and over 350 clinics and primary care units in six European countries.


KKR presently owns Elsan, a French healthcare company.


Earlier this year, IHH Healthcare Bhd made Ramsay and Malaysia's Sime Darby Holdings a $1.35 billion acquisition bid for their Asia joint venture. Ramsay said that it was continuing to pursue this purchase.


The hospital operator has retained UBS AG's Australia Branch and Herbert Smith Freehills as financial and legal consultants on the KKR-led consortium's bid, respectively.

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