Smiths turned down bid for medical arm

first_img SMITHS Group rejected a £2.45bn cash offer for the medical arm of its business, Smiths Medical, late last year, the company has revealed.The bid, which was from private equity group Apax (although Smiths did not itself confirm the bidder), was a “best and final” rejected as not in the best interests of shareholders.Smiths Medical accounts for 31 per cent of the Group’s revenues, bringing in £858m in the year to July 2010, but the offer gave the division a valuation equal to nearly half the Group’s market cap of £5bn.But the company said that the offer did not take into account “the quality and highly cash generative nature of Smiths Medical”.The Group’s chief executive, Philip Bowman, has in the past sold two of the businesses he has led. While CEO of food retailer Allied Domecq in 2005, he recommended its sale to Pernod Ricard.He then moved to head up Scottish Power from 2006 to 2007 and presided over its sale to Spanish power company Iberdrola.Over the past year, he has overseen a period of cost-cutting at Smiths Medical that has grown margins 180 basis points to 21.5 per cent, according to the Group’s most recent results.Smiths Group itself is a conglomerate with divisions in security technologies, electronic transmission systems, fluid transmissions and mechanical seals aside from its medical tech arm.Smiths declined to comment further; Apax declined to comment. Sunday 16 January 2011 10:31 pm Tags: NULL whatsapp Smiths turned down bid for medical arm Show Comments ▼ Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told whatsapp KCS-content last_img

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