(Yicai Global) Dec. 3 -- China's Jangho Group is looking to sell its nearly 16 percent stake in Australian healthcare service provider Healius for AUD331 million (USD245.4 million) after its merger plan went south.

The Chinese firm that has been transitioning from curtain wall manufacturing to healthcare services has hired Jarden Australia to underwrite the equity, the Beijing-based firm said in a statement yesterday.

The investment group will buy the shares for AUD3.55 (USD2.60) apiece, or 4.1 percent less than yesterday's closing price, if not able to find another buyer by Dec. 7. Jangho acquired the nearly 16 percent stake in 2016.

In January 2019, Jangho offered to pay AUD2 billion (USD1.5 billion) for the remainder of the medical center operator's equity, pricing it at AUD3.25 per unit. At that time, the stock price hovering around AUD2.40. But the Sydney-headquartered firm's management rejected the bid, saying that it "fundamentally undervalues Healius."

Healius's stock price [ASX: HLS] fell 1.9 percent to AUD3.63 this afternoon.

Editor: Emmi Laine