Publication: The Australian
Section: Business
Date: 8 December 2010
Related links: Health fund pages: NIB | GMHBA
Teresa Ooi
Article excerpt:
NIB Holdings has withdrawn its $180 million bid for Geelong-based GMHBA but is determined to merge with other mutual health funds. "We are extremely disappointed that GMHBA's board has seen fit to reject our proposal without putting the cash offer to a vote of its members and without advising them what they regard as fair value for their business," NIB managing director Mark Fitzgibbon said. GMHBA's decision to reject NIB's offer would not stop the pace of industry consolidation, he said. "Over the past three years we had merger talks with almost every health insurer including HBF of WA but nothing is on the table," he said.
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