Monash IVF Group (ASX:MVF) has rejected a revised, unsolicited takeover bid from a consortium led by Genesis Capital and Washington H. Soul Pattinson (ASX:SOL).
The non-binding indicative proposal sought to acquire 100% of the fertility provider’s shares at a price of $0.90 per share via a scheme of arrangement.
Despite the consortium labelling the offer as their "highest amount" in the absence of a competing bid, the Monash IVF board unanimously determined that the price significantly undervalues the company and fails to serve the best interests of its shareholders.
The board’s decision follows a rigorous assessment involving internal planning cycles, market dynamics, and consultation with financial and legal advisers.
Key factors cited for the rejection include the "substantial discount" of the $0.90 offer compared to recent transactions within the Australian IVF sector.
The board expressed strong confidence in the leadership of CEO Dr Victoria Atkinson, noting that her strategy is restoring stability and driving growth following a prior period of instability.
Feedback from non-consortium shareholders also played a critical role in the refusal.
While Chairman Richard Davis emphasised that the current proposal is inadequate, he noted that Monash IVF remains open to future discussions regarding a change of control, provided any subsequent offer reflects "compelling value".
At the time of reporting, Monash IVF Group's share price was $0.71.