Bupa Australia has sweetened its bid to take over MBF, stepping up its plan to become the biggest health insurer in the country.
MBF is Australia's second-largest health insurance concern, currently serving 2 million people, representing approximately a 20% share of the country’s health insurance market. Bupa Australia, a subsidiary of Bupa, which made landfall in Australia in 2002, has accumulated more than 1 million customers, for a 10.13% national market share.
"Together MBF and Bupa Australia would create the country's leading health fund, which would be in a stronger position to provide affordable health insurance, greater efficiencies and improved services for members," Bupa Australia's Managing Director Richard Bowden says.
The integration of Bupa Australia and MBF would significantly challenge the state-owned Medibank Private, which has a 29% share of the country’s health insurance market.
MBF is actively considering the Bupa proposal and expects to make a decision in the near future as to whether to recommend this proposal formally to the contributors or continue with the demutualisation proposal."