| Publication: | The Australian |
|---|---|
| Date: | 29 August 2008 |
| Section: | Business |
Article excerpt:
AUSTRALIA'S $11 billion private health insurance market has further consolidated with the country's third-largest fund, HCF, launching a $256 million takeover bid for Manchester Unity Australia, the ninth-largest mutual fund.
MUA's board has unanimously recommended the bid, which will see its 80,000 members receive a cash payment of between $200 and up to $3000 each, depending on their type of policy and length of membership.
HCF's 460,000 policyholders, on the other hand, are not in a position to veto the deal. Nor will they receive any cash payments.
