Care First set to appoint new chief
Wednesday 26 November 1997
According to industry sources, the company is considering appointing a relative unknown, Gerard Wainwright, as chief executive if the group remains independent. Mr Wainwright was formerly managing director of Nesbitt Evans, the bath lifters to mobility equipment medical products company which was bought by Huntleigh Technology in the early 1990s.
Mr Wainwright, who left the company a couple of years after the merger, is advising Care First's board on its defence against Bupa, the healthcare insurance giant.
Care First had also considered Chet Bradeen, managing director at the Exceler nursing home group, for the position of chief executive, but is no longer proceeding.
Sources close to Care First have also revealed that Keith Bradshaw, its founder and chairman, and the company's board have been given a private warning by the Takeover Panel for talking up the company's prospects as part of its bid defence.
The Takeover Panel, which yesterday said it would not comment on any private communication with parties in a bid situation, had apparently objected to the board's use of the word "dramatic" in forecasting a change in fortune in the company's prospects.
Bupa, which is offering 150p cash per share, 8p lower than Care First's closing share price yesterday, is still seeking a recommendation from Care First's board.
It is understood that the healthcare insurer would be prepared to raise its offer slightly in return for a recommendation.
Mr Patel, who walked out in August after a clash with Mr Bradshaw, appears close to arranging a cash and shares financing to trump Bupa's bid.
Mr Patel's counter bid, and any further bids, including the mooted interest from Warburg Pincus, must be on the table before 3 and 12 December, when two key shareholders, Abbey Life Assurance and Invesco Asset Management, have committed to sell their shares to Bupa.
Mr Patel's bid, likely to be mainly cash with a stub equity element, is being backed by BC Partners, the venture capital group bought out of Baring Capital and advised by HSBC.
- 1 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 2 PornHub turns masturbation into energy in bid to save the planet
- 3 Dakota Johnson's 'It's only Isis' Saturday Night Live sketch sparks controversy
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
End of the licence fee: BBC to back radical overhaul of how Corporation is funded
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Someone has actually got a tattoo of that dress
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...