The revised all-cash offer values Abano's equity at NZ$117 million ($78.78 million), it said in a statement to the stock exchange.

The consortium, owned by private equity firm BGH Capital and the Ontario Teachers' Pension Plan Board, will pay NZ$4.45 per share, lower than its March offer of NZ$5.70.

The new offer represents a premium of over 70% to Abano's last close of NZ$2.61, and removed the suitors' right to terminate the deal in the event of any material adverse changes in Abano's business, unlike the earlier one.

The earlier offer was terminated under the material adverse changes condition, after a number of Abano's practices were shut due to restrictions to tackle the coronavirus outbreak.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Peter Cooney)