Healthscope board gives nod to Brookfield

This hospital operator has given the green light to a proposed takeover.

Hospital operator Healthscope has agreed to Brookfield Asset Management's scheme of arrangement, under which shareholders will receive $2.50 per share including 3.5 cents in dividends.

Shareholders who accept the offer will have the choice of receiving all their $2.50 in cash or getting some of it as shares in an unlisted company that owns Healthscope, but over which Brookfield has control. Should the scheme fail to gain the 75% of votes needed to pass - but more than 50% - there is also a second offer on the table. Shareholders will have four weeks following the meeting to accept an off-market takeover at $2.40. In effect, this would give Brookfield the opportunity to become a substantial shareholder in one sweep, even if it can't take control of the company with the scheme of arrangement.

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