Hygeia rejects share offer as far too low

The governing board of the Hygeia group on Wednesday rejected an offer from the holdings company of Giorgos Apostolopoulos, owner of the Athens Medical Center, for the acquisition of a 29.62 percent stake in the healthcare group.

The Hygeia board issued its fairness opinion on the offer of 0.45 euros per share a day after the Capital Market Commission approved the bulletin regarding the bid by Apostolopoulos that would have been activated on Friday.

Sources say that the fairness opinion was based on the valuation that Euroxx stockbrokers conducted for Hygeia’s main shareholder, Marfin Investment Group, which set a reasonable price range between 0.67 and 0.70 euros/share.

The takeover move by Apostolopoulos was dismissed due to the fact that Hygeia’s stock is currently valued far above his offer, as its share price at the end of trade yesterday was 0.662 euros, having soared since the day the offer was made: On November 23 the share price was at just 0.346 euros.

However, this bid has registered Apostolopoulos’s interest in Hygeia, announcing his presence in developments in the private hospitals sector.