The Oncoclinical network’s high debt and the requirement for more capital have attracted the attention of the Starboard restructuring fund, which has reportedly made a non-committal offer for the company.
Traffic sources on the company board declined the offer, deeming it too low, as Oncoclinics is now valued at R$ 3.1 billion.
Starboard allegedly organized a meeting with Santander executives, who are partners with Oncoclinica, to assess the company’s status and consider making a new investment. However, Starboard has not officially verified this information.
Oncoclinics is considering two options for raising funds, with the more likely one involving a capital increase similar to what the Casas Bahia group did. This would entail converting debt securities into shares and would not involve the company’s major shareholders, Goldman Sachs and Daniel Vorcaro.
Debenture holders who agree to convert into equity can receive subscription bonuses through active participation. If the proposal is approved, Goldman Sachs and Vorcaro will have their ownership stakes in the company decreased.
The company recently declared that an Extraordinary General Meeting will take place on September 9 to determine the capital increase model.
Oncoclinicas is now considering selling off assets that are not related to its core business of cancer treatment, following an expansion of its portfolio through the IPO in 2021.
