Feb 10 (Reuters) - NMC Health disclosed preliminary buyout approaches from private equity firms KKR and GK Investment on Monday, only weeks after questions raised by short-seller Muddy Waters hit the firm.
NMC is the largest private healthcare company in the United Arab Emirates and operates a network of clinics and hospitals, specialised maternity and fertility clinics, and long-term care homes hospitals across 19 countries.
A bruising short-selling attack by Muddy Waters launched two months ago has seen the company's market value fall to 1.5 billion pounds ($1.9 billion), a far cry from its peak value of about 8.4 billion pounds in August, 2018.
Here is a timeline of events leading up to Monday's announcement:
Bavaguthu Raghuram (BR) Shetty establishes New Medical Centre (NMC), the first private healthcare facility in UAE.
NMC becomes the first company from Abu Dhabi to join https://www.reuters.com/article/nmc-ipo-idUSL6E8F20I720120402 the London Stock Exchange.
NMC bids for regional rival Al Noor Hospitals Group, sparking a race with South Africa's Mediclinic, before eventually pulling out over valuation concerns.
NMC is promoted to the blue chip FTSE 100 index.
NMC raises $2 billion to be used for general corporate purposes and partly to refinance existing debt, sources say https://www.reuters.com/article/nmc-health-loan/rpt-uae-healthcare-provider-nmc- r a i s e s - 2 - b i l l i o n - l o a n - s o u r c e s - i d U S L 8 N 1 R A 0 R H
NMC guides to double-digit revenue and core earnings growth in 2020.
U.S. short-selling firm Muddy Waters, founded by American Carson Block, acquires a short position in NMC, criticising the healthcare group's financial statements and wiping a third off the value of the company's share price.
NMC stands by its forecasts for 2019 and 2020 and announces a share buyback.
NMC calls the Muddy Waters report criticising the healthcare group's financial statements "false and misleading".
NMC calls for an independent review of its finances.
Two major shareholders launched a discounted share sale in NMC worth 375 million pounds.
Independent review committee hires FBI ex-boss Louis Freeh.
NMC says 2019 trading is in line with expectations.
NMC says its co-chair and founder Shetty had stepped back from its board after he informed NMC of potentially inaccurate reporting of his holdings.
Source: Company website, reports, Refinitiv data
($1 = 0.7734 pounds) (Reporting by Noor Zainab Hussain and Pushkala Aripaka in Bengaluru. Editing by Jane Merriman)