A consortium backed by Washington H. Soul Pattinson (ASX: SOL) has upped the ante for Melbourne-based fertility services provider Monash IVF Group (ASX: MVF) with a revised $350 million takeover offer almost four months after walking away from a buyout bid in December last year.
The consortium, comprising Genesis Capital Investment Management and Soul Patts entity WHSP Holdings, is willing to pay an extra $39 million for Monash after lifting its unsolicited bid to 90c per share from the 80c-per-share offer that was rejected by the Monash board in November last year.
The non-binding indicative proposal represents a 12.5 per cent increase on the consortium's earlier approach, which was dismissed by the Monash IVF board as "opportunistic" and "materially undervaluing" the company.
The consortium, which holds about 19.6 per cent of Monash IVF's ordinary shares, formally withdrew its initial bid on 24 December 2025.
Monash IVF has been informed that the latest offer is "the highest amount the consortium is prepared to offer" should there be no competing offer "for all or a material part of Monash IVF".
The revised bid comes with a deadline of close of business on 21 April 2026 and requires a four-week exclusivity period with no fiduciary exceptions, a condition the board previously pushed back on when assessing the original offer.
The proposal remains subject to a number of conditions including satisfactory completion of due diligence, unanimous board recommendation, entry into a binding scheme implementation agreement, and no material adverse change in Monash IVF's business or financial position.
Monash IVF said its board is assessing the proposal and has not yet issued a recommendation or rejection.
Shares in Monash IVF shot to a high of 80c today and closed 16.5 per cent higher at 77.5c following the announcement.
Monash IVF operates one of Australia's largest networks of fertility clinics, with operations spanning Victoria, New South Wales, Queensland, South Australia and South-East Asia.
The group listed on the ASX in 2014 and has grown through a combination of organic expansion and acquisitions, including its $42 million purchase of Adora Fertility's assets in 2022.
The consortium's decision to return with a sweetened offer after a four-month hiatus puts pressure on the board to engage, particularly given a softer earnings trajectory revealed in the first half of FY26.
The group's first-half FY26 results, released on 26 February 2026, showed revenue of $137.9 million, down 1.8 per cent on the prior corresponding period, and underlying net profit after tax of $10.4 million, down 34 per cent from a year earlier.
The company forecast FY26 underlying NPAT of $20.0 million, which would represent a significant decline from FY25's underlying NPAT of $27.4 million, itself down 8.1 per cent year on year.
When the board rejected the original approach in November 2025, chairman Richard Davis said the 80c-per-share offer was "opportunistic in its timing" and "materially undervalues the company".
Since then, Monash has undergone a leadership transition, with Dr Victoria Atkinson stepping into the chief executive role ahead of the half-year results.
Atkinson used the 1H26 results to outline clinical and operational priorities for the business, including investment in technology and patient outcomes.
"At the same time, we remain committed to executing our strategy and delivering sustainable value for shareholders," she said at the time.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support