By Heide Oberhauser
German health-care company Fresenius SE & Co KGaA (FSNUY) is making sluggish progress in its bid to acquire private hospital operator Rhoen-Klinikum AG (RHK.XE), gaining only 2.55% of the total capital stock, or 3.53 million shares, by Friday at 1400 GMT.
That is up from 1.82% of capital stock acquired as of June 8, Fresenius said on its website. In mid-May, Fresenius made a voluntary takeover bid, offering EUR22.50 per Rhoen-Klinikum share, or up to 3.1 billion euros ($3.90 billion) in total, subject to a minimum acceptance threshold of 90% plus one share. The offer price is above Thursday's close of EUR21.44.
The Muench family, Rhoen-Klinikum's founder and key shareholder, supports the Fresenius offer and plans to tender its 12.45% stake. That would give Fresenius a 15.01% stake, or 20.7 million shares, still far from the acceptance threshold.
Fresenius still has until June 27, when the bid expires, to acquire more shares. Often in public bids the majority of shares are tendered just before the offer closes.
In addition, American hedge fund manager John Paulson said June 13 he plans to sell his 3.65% stake in Rhoen-Klinikum to Fresenius.
So far, Fresenius has been confident of reaching the 90% threshold which is key to Fresenius gaining complete control in Rhoen-Klinikum decision-making.
Write to Heide Oberhauser at heide.oberhauser@dowjones.com
