Riya Sharma and Sameer Menekar

(Reuters) – Virtus Health, an Australian provider of fertility services, said Wednesday that it would consider a new buyout offer from BGH Capital. This comes weeks after accepting a better bid from CapVest Partners.

Private equity firm BGH Capital now offers A$8.0 per share to Virtus in a hostile takeover. BGH Capital already has 19.9% ownership of Virtus. The value for the IVF specialist is A$683.5million ($518 million).

This revised offer offers a 0.9% discount on Virtus’ closing stock prices and 4.6% more than BGH’s earlier offer of A$7.65 per piece.

BGH, Melbourne’s investment company CapVest made a new proposal for BGH. This comes just weeks after Virtus recommended that shareholders (including BGH) accept a cash offer from CapVest of A$8.25 each share. Virtus is valued at A$704.8million. Virtus has a deal with CapVest that allows Virtus to review a proposal by BGH or from another party.

CapVest, a London-based company, did not respond immediately to Reuters’ request for comment.

Virtus stated in a statement that the Virtus board was considering BGH’s takeover bid and, in particular, whether or not it is a “superior proposition” under the transaction execution deed signed by an entity controlled CapVest Partners.

As of 0251 GMT, Virtus shares were at A$8.13 (up 0.7%) while the wider market was at 0.7%. ()

BGH’s off-market acquisition bid was designed as an all cash offer without any capital returns or tax rulings, according to the private equity firm.

BGH explained that this offer gives shareholders the opportunity to sell as much Virtus stock they want without incurring brokerage fees.

($1 = 1.3200 Australian dollars)