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Crescent Capital Partners has waived the 90 per cent condition in its takeover offer for Abano Healthcare in a bid to, at least, gain a majority stake in the company.
The Australian private equity firm said its decision had come on the back of Healthcare Industries' acquisition of a 19.9 per cent stake from Masthead Portfolios.
Masthead sold its stake after failing to gain a majority stake in December last year.
Healthcare Industries is owned by interests associated with Abano's clinician equity partners who own a 30 per cent stake in its subsidiary company Bay Audiology and are unlikely to sell out.
Crescent executive director Michael Alscher said the move had effectively blocked the firm from its original intention but it was "still committed to having a substantial presence in the New Zealand audiology market".
However, Alscher said the firm would not be increasing the offer price beyond $5.20 nor could it extend the offer period beyond March 14. So far Crescent, which also has a 19.9 per cent stake in Abano, has only succeeded in gaining just over 1.3 per cent of shares through the offer.
Abano board chairwoman Alison Paterson said the board continued to recommend that shareholders reject the offer. Abano shares closed up 5c at $4.75.
