Is an approach from Integral Diagnostics an offer?

No. An approach is an expression of interest, not an offer — it commits you to nothing. Offers come much later, usually in writing as an indicative offer or term sheet, and only after both sides have chosen to engage.

Do I have to reply straight away?

No. There is no clock on your side of the conversation. A considered reply a week later reads better than a rushed one the same afternoon, and a genuine buyer will still be there. You set the pace.

Should I share my financials with Integral Diagnostics?

Not in a first conversation. An early, low-specificity approach rarely warrants sharing numbers. If the conversation gets serious, information changes hands progressively and under a signed NDA — at a pace you control.

How do I know if Integral Diagnostics is serious?

Read the approach itself: who sent it (a partner or CEO signals more intent than an analyst template), how specific it is about your actual product, customers, or numbers, and whether there is a concrete reason they are reaching out now. Generic praise that could have been sent to a hundred companies usually means a routine sweep.

Do I need an advisor before responding?

Not to acknowledge an email. But before sharing anything material — numbers, customer names, growth plans — a second opinion from someone whose only job is to represent you tends to pay for itself. An advisor can read the approach, tell you how much interest it really signals, and keep your options open.

What happens if I just ignore it?

Usually nothing bad — an unanswered email doesn't close any doors, and a genuinely interested buyer will follow up. What you give up is information: understanding why they reached out now can tell you a lot about how your business is being seen, even if you have no intention of selling.

← Who is Integral Diagnostics?

If you’ve been approached

Integral Diagnostics approached me — what now?

An acquirer reaching out can feel like a big moment, and it’s normal to be unsure what it means or how to respond. An approach is not an offer, and it doesn’t commit you to anything — it’s the start of a conversation you get to run at your own pace.

The most useful thing to do first is slow down and understand what kind of approach this actually is. The rest of this page walks through who Integral Diagnostics is, how to read the signals, and the practical moves that keep your options open.

Want to talk through the approach before you respond?

Who they are, in short

Integral Diagnostics is an ASX-listed medical imaging operator bringing together radiology practices across Australia and New Zealand. Its acquisition history includes Imaging Queensland, the X-Ray Group and the merger with Capitol Health.

Read the full profile of Integral Diagnostics

What they look for

The group’s acquisition history is concentrated on radiology and diagnostic imaging businesses in Australia and New Zealand. Its public materials emphasise medical leadership, diagnostic expertise and access to patient services; they do not disclose a standard financial acquisition threshold.

Capital model: ASX-listed operating company acquiring and operating medical imaging businesses.
Sector focus: Radiology practices and diagnostic imaging services.
Ownership: Operating medical imaging group using a medical leadership model across local practices.
Platform or bolt-on: Acquisitions of radiology practices and larger imaging groups, including the Capitol Health merger.
Geography: Australia and New Zealand, as shown by current practices and completed acquisitions.

How they run acquisitions

Integral Diagnostics has expanded by acquiring radiology practices and combining imaging groups. Its operating model centres on medical leadership, patient care and access to diagnostic services across its Australian and New Zealand practices. The public history describes completed transactions rather than a standard seller timetable.

Reading the approach

Not every approach means the same thing. A strategic acquirer might be running a wide net, or might have a specific reason to want your business. Here’s how to tell the difference.

The signal

Routine BD outreach

Genuine acquisition intent

Who sent it
Routine BD outreachAn analyst or associate, often via a generic template or LinkedIn note.
Genuine intentA partner, principal, or the platform's CEO — someone who can actually transact.
How specific it is
Routine BD outreachPraises the sector and your growth in general terms; could be sent to a hundred companies.
Genuine intentReferences your actual product, customers, or numbers — they've done real homework.
What they ask for
Routine BD outreachA quick intro call to learn more and get to know you for the future.
Genuine intentA view on whether you'd consider a transaction, and often an early sense of scale.
Their timeline
Routine BD outreachOpen-ended relationship building with no particular urgency.
Genuine intentA concrete reason they're reaching out now — a fund mandate, a thesis, a nearby deal.
Where it leads
Routine BD outreachAdded to a pipeline and periodically checked in on.
Genuine intentToward an indicative offer, diligence, and a process — if you engage.

Neither is bad, and neither is a commitment. The point is to read the approach for what it is before deciding how much time and information to give it — an early, low-specificity note rarely warrants sharing numbers, while genuine interest is worth understanding properly.

The moves that protect your position

Whatever the intent, a few simple habits keep you in control of the conversation and your information.

Reply politely and keep the door open — you lose nothing by being courteous.
Ask who they are, why now, and what stage of interest this is.
Take your time; a serious buyer will wait for a considered response.
Get your own read on what the business could be worth before discussing price.
Loop in an adviser who represents you, not the buyer, before sharing anything sensitive.

Don’t

Don't name a price first, or react to a number floated casually on a call.
Don't share detailed financials or customer data before there's an NDA and real intent.
Don't negotiate against yourself by signalling how keen — or how nervous — you are.
Don't let a single unsolicited approach turn into an exclusive, one-buyer conversation.
Don't agree to a binding timeline or exclusivity just to keep them interested.

Wondering what your business could be worth?

Common questions

Is an approach from Integral Diagnostics an offer?: No. An approach is an expression of interest, not an offer — it commits you to nothing. Offers come much later, usually in writing as an indicative offer or term sheet, and only after both sides have chosen to engage.
Do I have to reply straight away?: No. There is no clock on your side of the conversation. A considered reply a week later reads better than a rushed one the same afternoon, and a genuine buyer will still be there. You set the pace.
Should I share my financials with Integral Diagnostics?: Not in a first conversation. An early, low-specificity approach rarely warrants sharing numbers. If the conversation gets serious, information changes hands progressively and under a signed NDA — at a pace you control.
How do I know if Integral Diagnostics is serious?: Read the approach itself: who sent it (a partner or CEO signals more intent than an analyst template), how specific it is about your actual product, customers, or numbers, and whether there is a concrete reason they are reaching out now. Generic praise that could have been sent to a hundred companies usually means a routine sweep.
Do I need an advisor before responding?: Not to acknowledge an email. But before sharing anything material — numbers, customer names, growth plans — a second opinion from someone whose only job is to represent you tends to pay for itself. An advisor can read the approach, tell you how much interest it really signals, and keep your options open.
What happens if I just ignore it?: Usually nothing bad — an unanswered email doesn't close any doors, and a genuinely interested buyer will follow up. What you give up is information: understanding why they reached out now can tell you a lot about how your business is being seen, even if you have no intention of selling.

Want more M&A news and practical founder notes?

Read the full guide: a firm approached me — what do I do?

The truth, first.

General information, not legal, financial, or tax advice. Every situation is different — talk to an adviser about yours.