Healthcall buyout bid

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The Independent Online
Healthcall buyout bid

The management of Healthcall yesterday blamed political uncertainty over healthcare policy as it mounted a pounds 50m buyout bid to take the company private. Maurice Henchey, the chief executive, said Healthcall would be absorbed inside HCMS, a company owned by management and NatWest Equity Partners.

Mr Henchey said operating profits for 1997 at Healthcall, whose core business is providing a duty doctor service, would be around pounds 4m compared to pounds 5.4m for 1996 and pounds 7.9m for 1995. HCMS is offering 90p in cash for each Healthcall share, a 29 per cent premium to the closing price of 70p for Healthcall on December 12 when the buyout plans were first mooted, but below the float price of 105p. The shares closed yesterday at 87.5p, up 6p.