Good evening,

Ramsay Health Care got the disclosure yips only hours out from its annual results day.

Having said nothing publicly on its takeover for four months, Ramsay chose 6pm on its earnings eve to reveal what we’ve been writing for months; it’s at loggerheads with suitor KKR.

KKR is no longer talking about a whole-of-company all-cash deal at $88 a share, valuing the group at about $28 billion including debt. It’s gone down the buy Australia, spin-back Europe path, as we revealed in July.

But Ramsay doesn’t like the alternative proposal, and is keeping the porch light on for KKR to return with an $88 a share all-cash offer.

Finally, after months of inaction, it looks like the year’s biggest deal is coming to a head. The next few days should be extremely telling. Ramsay will front shareholders and analysts with its results on Friday, before meeting institutions in the days after.

In Street Talk tonight, we preview another big result on Friday, OZ Minerals, and tap into what analysts are thinking about the company’s defence tactics.

And we reveal a $US1 billion funding round that’s attracting some Aussie interest.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors