Monash IVF Group Limited (ASX: MVF) has unanimously knocked back the second takeover approach from a consortium comprising Genesis Capital Investment Management Pty Ltd and WHSP Holdings Pty Limited, the investment arm of Washington H. Soul Pattinson (ASX: SOL).
The board confirmed the rejection on 20 April 2026 through an official ASX announcement.
The revised, non-binding, indicative proposal valued Monash IVF at $0.90 per share. The consortium had already stated this was “the highest amount” it was prepared to offer, absent a competing bid.
The board did not take long to say no.
How This Saga Started
This is not the first time the consortium has tried to buy Monash IVF.
In November 2025, the pair tabled an initial $0.80-per-share offer valued at roughly AUD 311.7 million. The board at the time rejected the bid as “opportunistic” and said it materially undervalued the company.
The consortium formally withdrew that initial bid on 24 December 2025.
Then, on 13 April 2026, they came back. This time with AUD 0.90 per share, a 12.5% increase on the original offer. The consortium, which already holds a 19.6% stake in the company, described the revised price as its highest offer in the absence of a rival bid and attached a strict deadline of close of business on 21 April 2026.
The board rejected that too.
What the Monash IVF Board Said
In rejecting the revised proposal, the Monash IVF Board cited three key reasons.
- The offer price sits at a substantial discount to comparable IVF transactions in the Australian market
- The board is backing newly appointed CEO Dr Victoria Atkinson and her strategy to stabilise and grow the business
- Feedback from non-consortium shareholders did not support the bid
Chairman Richard Davis said the board, with advice from its financial and legal advisers, concluded the revised proposal still undervalues the company.
The board added it remains open to a change-of-control transaction if the price reflects compelling value for shareholders. No deal at the current numbers, though.
A Rough Year for Monash IVF
The timing of both takeover approaches has not been accidental.
Monash IVF has had a difficult stretch. The company’s first-half FY26 results showed revenue of AUD 137.9 million, down 1.8% on the prior year, and underlying net profit after tax of AUD 10.4 million, down 34%. Full-year underlying NPAT for FY26 is forecast at AUD 20.0 million, a steep drop from the AUD 27.4 million posted in FY25.
Two embryo mix-up incidents rocked public confidence in the business across 2025. The company’s chief executive departed in the wake of those events.
Dr Victoria Atkinson, the former Healthscope chief medical officer, stepped in as the new CEO. She used the half-year results to outline clinical and operational priorities, including investment in technology and patient outcomes.
The board’s rejection of this latest bid is, in effect, a vote of confidence in Dr Atkinson.
MVF share price over 16 months, illustrating the impact of embryo incidents, leadership changes, and both takeover proposals. [ASX]
The Valuation Gap Is the Real Story
The consortium’s position is not without logic. Monash IVF’s share price had roughly halved over the past year heading into the initial November bid. Even at $0.90, the premium to depressed prices looked attractive on paper.
But the board’s comparison to peer transactions tells a different story.
Swedish fertility peer Vitrolife trades on around 23 times EV/EBITDA, more than triple the implied multiple under the original rejected offer. Even with the revised price, the board appears to believe the valuation falls short of what comparable deals suggest the business is actually worth.
Soul Patts is no passive investor either. It already owns 19.6% of Monash IVF, which means it has a direct financial interest in how this plays out, regardless of whether a deal is struck.
What Happens Next
With the consortium’s deadline expiring on 21 April 2026 and the revised offer rejected, the immediate pressure on Monash IVF’s board lifts.
Shareholders do not need to take any action at this stage, as no binding agreement exists. The company confirmed it will disclose material developments in line with its continuous disclosure obligations under ASX listing rules.
The door is not permanently closed. The board has made clear it will consider change-of-control proposals that represent genuine value for shareholders. But at $0.90 per share, it does not see that bar as cleared.
For now, the focus returns to Dr Atkinson’s turnaround plan and whether Monash IVF can restore earnings and patient confidence across the second half of FY26.
FAQ
Q: What was the Soul Patts-Genesis takeover bid for Monash IVF?
A: Genesis Capital Investment Management and WHSP Holdings (Soul Patts) made two takeover approaches for Monash IVF. The first was $0.80 per share in November 2025, rejected as opportunistic. The second was $0.90 per share in April 2026, also rejected by the board as undervaluing the company.
Q: Why did Monash IVF reject the revised $0.90 offer?
A: The board determined the $0.90 offer was at a substantial discount to comparable IVF transactions in the Australian market. It also cited confidence in new CEO Dr Victoria Atkinson’s strategy and feedback from non-consortium shareholders.
Q: Does Soul Patts own shares in Monash IVF?
A: Yes. Through WHSP Holdings, the consortium already holds 19.6% of Monash IVF’s ordinary shares.
Q: Who is the new CEO of Monash IVF?
A: Dr Victoria Atkinson, former chief medical officer of Healthscope, was appointed CEO of Monash IVF. She began shaping the company’s clinical and operational recovery strategy from early 2026.
Q: Could there be a higher bid for Monash IVF?
A: The board has said it remains open to a change-of-control transaction if it represents compelling value. The consortium has stated $0.90 is its highest offer unless a competing bid emerges.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research or seek professional advice before making investment decisions.
Source:
- https://events.miraqle.com/DownloadFile.axd?file=/Report/ComNews/20260420/03080256.pdf
- https://www.businessnewsaustralia.com/articles/monash-ivf-rejects-opportunistic-311m-takeover-bid-from-soul-patts-consortium.html
Last modified: April 20, 2026
