Life support

18 August 2020 By Jennifer Hughes Follow @JennHughes13

Medical staffer Nichiigakkan’s $1.2 bln deal with Bain was already riddled with governance ailments before Baring Private Equity disclosed that its approach worth 20% more had not been given proper attention. A shareholder backlash at this stage could open fresh wounds.

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Medical staffing company Nichiigakkan said on Aug. 18 that Bain Capital’s 1,670 yen per share offer had won acceptance from 82% of shareholders.

Baring Private Equity Asia on Aug. 17 said it had approached members of Nichiigakkan’s founding family offering an indicative 2,000 yen per share to fund a management buyout.

Bain lifted its offer per share to 1,670 yen from 1,500 yen on July 31 with the backing of 12% shareholder Effissimo Capital Management. Bain already had the support of the family, which controls 44% of shares outstanding. Bain needed 67% of shares to be tendered for the deal to proceed.

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