KKR says it has not made bid offer for NMC
By Frank Prenesti
Date: Tuesday 11 Feb 2020
(Sharecast News) - Private equity group Kohlberg Kravis Roberts (KKR) said it had not made any bid approach to troubled Middle East healthcare company NMC.
"KKR confirms that it has not made a proposal nor discussed with NMC the terms of any possible offer, and that it does not intend to make an offer for NMC," the finance outfit said on Tuesday.
In a separate announcement, GKSD Investment Holding, a company backed by sponsors of Gruppo San Donato, said it was in the preliminary stages of considering an offer for NMC.
On Monday the company's founder and co-chair, Indian billionaire BR Shetty and another major shareholder, were forced to step back from NMC's board after apparent inaccuracies in the size of their stakes in the troubled company.
It also emerged that the Financial Conduct Authority was investigating the matter.
Shetty and fellow board member and shareholder Khalifa al Muhairi were suspended from board duties while a legal review took place.
The holdings of Shetty, al Muhairi and his relative Saeed al Qebaisi may "have been incorrectly reported historically to the company and the market", NMC said in a statement on Monday.
NMC shares have freefallen since short-seller Muddy Waters questioned its finances and management in December.
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