Fresh offer from Bupa secures Care First
Tuesday 23 December 1997
Baroness Brenda Dean, former print union leader and a non-executive director of Care First, is also entitled to more than pounds 31,000 after controversially negotiating a new two year contract weeks after Bupa made its first approach for the group.
Bupa yesterday amassed more than 50 per cent of Care First's shares to seal victory in an escalating bid battle with Chai Patel, Care First's former chief executive who left the group in August after a boardroom bust-up with Keith Bradshaw.
Chai Patel, backed by HSBC and Barings Capital, the venture capitalist group, approached Care First on Friday to discuss a share bid of up to 170p a share in an attempt to trump Bupa's original 150p offer. However, Care First's board are understood to have approached BUPA about the new deal and it decided to weigh in with a knock-out bid.
Mr Patel said yesterday: "I am deeply disappointed but this is great news for Care First's shareholders. Now I will re-group and take time to look at opportunities in the health care sector and elsewhere."
Paul Saper of Laing & Buisson, the specialist healthcare analysts, said: "It is ironic that Chai Patel was removed from the board and yet he was instrumental in getting a much higher price for Care First. His intervention has given more than pounds 2m extra to Keith Bradshaw."
Bupa plans to overhaul the Care First estate and introduce more medical facilities to homes to make them a viable alternative to hospitals.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Why I'm on the brink of burning my Israeli passport
- 2 War is war: Why I stand with Israel
- 3 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 4 World Cup 2014: Robin van Persie appears to give his bronze medal to eccentric Netherlands fan moments after being handed it by Sepp Blatter
- 5 Iraq crisis: How Saudi Arabia helped Isis take over the north of the country
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Death in the Valley of the Dolls: Heroin overdose turns the spotlight on prostitution boom in California's tech industry
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Woman, 61, jailed for seven years after drink-drive death of cyclist
Gaza-Israel conflict: Pro-Palestinian demonstrators take to streets of London, Paris and New York in wave of protests
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...