27 Apr 2016

Abano ponders offer for audiology business

1:51 pm on 27 April 2016

Abano Healthcare has received an unsolicited offer for a 50 percent stake in its audiology business, Bay International Limited.

Abano Healthcare owns half of Bay International which owns Bay Audio - an audiology retail network in Australia and South East Asia.

The company said the $30 million offer from an international hearing device manufacturer was considerably above the current book value of $11.9m.

Chief executive of Abano Richard Keys said it was seriously considering it.

"We'll proceed with further discussions with them and we have initiated a divestment process with regards to our shareholding," he said.

Mr Keys said he expected that process to take three to four months.