(Adds details, share movement)
Nov 30 (Reuters
) - VPS Healthcare
said on Monday it did not intend to make an offer for Al Noor Hospitals
Group , clearing the way for South Africa's Mediclinic International to buy the United Arab Emirates-based company.
Private healthcare firm VPS, which is also based in the UAE, said it believed a deal would not be in its best interest.
VPS had a Dec. 8 deadline to announce a firm intention to make an offer for Al Noor
under UK takeover rules.
Al Noor has already accepted a 1.4 billion pound ($2.1 billion) offer from South Africa's Mediclinic but other suitors have expressed interest.
NMC Health Plc dropped out earlier this month after making an initial offer. NMC Health's Chief Executive BR Shetty told Reuters that the company had withdrawn its bid for Al Noor due to valuation concerns.
Shares in Al Noor fell 1.2 percent to 1,141 pence on the London Stock Exchange.
($1 = 0.6660 pounds)
(Reporting by Aastha Agnihotri in Bengaluru; Editing by Ted Kerr and Shounak Dasgupta) ((email@example.com; within UK +44 20 7542 1810, outside UK +91 806 749 7920; Reuters Messaging: firstname.lastname@example.org))
Keywords: AL NOOR M&A/VPS HEALTHCARE