Yesterday New Frontier Health (NYSE:NFH) announced that the going private transaction was completed successfully. I wrote about the stock in August when it was trading at a 7.2% spread. I thought it was a deal without any hair on it, and it was indeed more or less completed without any hiccups. There was a small delay at the end, because when the company received shareholder approval more than 10% of the outstanding shares were demanding appraisal rights. Based on the press release it isn’t clear if this condition was waived, or if some holders agreed to withdraw their appraisal demands. But I don’t think it is a big surprise that this issue was resolved. The funds or individuals seeking appraisal rights have nothing to gain if the merger doesn’t go through, and my assumption is always that insiders are getting a good deal, so everybody involved has a good incentive to figure out a solution.
Since I haven’t received the cash yet, still long NFH