Capitol Health Ltd lobs takeover bid for Integral Diagnostics Ltd

Capitol Health Ltd (ASX:CAJ) is back on the acquisition trail.

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The Integral Diagnostics Ltd (ASX: IDX) share price rocketed higher this week after it was revealed that junior healthcare imaging rival Capitol Health Ltd (ASX: CAJ) has made a cash and scrip takeover bid for the group.

Capitol Health is offering Integral shareholders 6.9 Capitol Health shares plus 34 cents cash for each Integral share owned in order to gain control.

It’s being reported that some Integral Diagnostics shareholders are in favour of the offer, while others are not or hanging out for a better offer.

Capitol Health and its balance-sheet-expanding growth strategy of rolling-up diagnostic imaging businesses has sent shareholders on a wild ride over the years with shares bouncing between 12 cents to more than $1 since 2015.

This afternoon its shares are changing hands for 29.5 cents, with Integral shares selling for $2.23 after posting strong gains in response to the potential takeover.

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Motley Fool contributor Tom Richardson has no financial interest in any company mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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