Al Noor Hospitals confirms approach from NMC Health

Al Noor Hospitals confirmed that it has received an approach from NMC Health regarding a possible offer.

NMC Health also put out a statement on Friday and confirmed it has approached the board of Al Noor about a possible cash and share offer.

NMC said: “The financial rationale and strategic logic of the combination of our businesses is compelling, creating a Middle Eastern market leader in acute and post-acute care with a clear leading position in the highly attractive UAE market.”

It added: "We believe that a combination of our businesses would be in the best interests of our respective shareholders, physicians, employees, payors and above all patients."

It said the combined group would be able to capture business opportunities and provide clinical services which are not readily available to the companies on a standalone basis.

Earlier in the day, Bloomberg reported that NMC was considering a counter offer to Mediclinic International’s takeover approach for Al Noor.

At 1511 BST, Al Noor shares were up 1.8% at 998p, while NMC shares were down 2.1% at 813.50p.