MONTREAL, Sept. 27 /CNW/ - Medisys Health Group Income Fund (TSX: MHG.UN)
(the "Fund") today received an unsolicited takeover proposal from CML
Healthcare Income Fund ("CML") for 100% of the outstanding units of the Fund
on a fully-diluted basis for $9.00 per unit. CML's offer is subject to certain
conditions, including satisfactory due diligence and acceptance of the offer
by the Elman family.
The Board of Trustees of Medisys met today in response to the letter sent
to the Board by CML. At this meeting, the Board was advised in writing by the
Elman family that the $9.00 per unit offer conditionally proposed by CML was
not acceptable, and that the Elman family interest will not be tendered. At
the same meeting, the Elman family also advised the Board that they are
withdrawing their previously announced proposal to acquire 100% of the Fund
units for $7.00 per unit.
The Board of Trustees has advised CML that further discussions regarding
the CML offer are not warranted given that the condition of Elman family
participation is unattainable.
About Medisys Health Group
Medisys Health Group is a leading Canadian provider of healthcare and
medical imaging services to corporations and individuals and health-related
underwriting support services to insurance companies. Through its national
network of facilities, including offices in Montreal, Ottawa, Toronto, Calgary
and Vancouver, Medisys' Corporate Health Services division delivers
preventive, diagnostic and consultative healthcare services to approximately
4,000 corporations, including 320 companies of the Financial Post 500.
Medisys' Medical Imaging operations service patient populations in both
Ontario and Quebec. Medisys' Insurance Medical Services division supports the
national underwriting activities of more than 60 Canadian and U.S. life and
health insurance companies. Medisys Health Group Income Fund is an
unincorporated, open-ended, limited purpose trust established to invest in
Medisys Health Group and its subsidiaries.
This media release may contain certain forward-looking statements that
reflect the current views and/or expectations of Medisys Health Group Income
Fund, Medisys Holding LP, Medisys Health Group Inc., and Medisys Health Group
LP with respect to their respective performance, business, and future events.
Such statements are subject to a number of risks, uncertainties, and
assumptions as outlined in the Fund's management's discussion and analysis for
the period ended June 30, 2007, and other filings with the Canadian securities
regulatory authorities. Actual results and events may vary.
For further information:
For further information: Stuart M. Elman, President & Chief Financial
Officer, Medisys Health Group, Phone: (514) 499-2778, Email: