BGH Capital has finally broken through, with Navitas directors agreeing to recommend a proposed $2.1 billion offer after the BGH-led consortium raised its indicative offer and made a concession that may also give the private equity firm’s other big target, Healthscope, pause for thought.

The about-face by Navitas, which slammed the door shut on BGH last November by refusing it access to due diligence, is of interest on two fronts.

One is that BGH, the firm founded by Ben Gray, Robin Bishop and Simon Harle that raised $2.7 billion from investors last year, was prepared to add 32.5¢ a share, or $116 million, to its indicative bid despite the market turmoil of recent months. Since BGH first approached Navitas in early October, the Australian market has fallen about 5 per cent.

Perhaps of wider significance, and of particular interest to Healthscope, is that a key sticking point in its initial approach to Navitas - its relationships with industry fund giant AustralianSuper and Navitas co-founder Rod Jones - has been excised. Between them, AustralianSuper and Jones own about 18 per cent of the education provider.