Sun Healthcare Group Inc. (SUNH) announced that stockholders have approved the previously announced merger with Genesis HealthCare LLC.
The closing of the transaction remains subject to other customary conditions, including required regulatory approvals. Sun expects that the transaction will close in late fall 2012.
In June 2012, Sun Healthcare Group had said that it signed a definitive agreement to be acquired by Genesis Healthcare. As per the deal, Genesis would acquire Sun Healthcare for $8.50 per share, in cash, resulting in about $275 million net of cash and debt acquired.
The transaction price represents a 43.1 percent premium over the closing sale price of Sun Healthcare shares on June 19 and a 55.6 percent premium to the volume-weighted average closing sale price of about $5.46 during the prior 30 trading days.
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