Sun Healthcare Group, Inc. (SUNH) said Wednesday that it has signed a definitive agreement to be acquired by Genesis Healthcare.
As per the deal, Genesis will 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.
The transaction is expected to close in the fall, subject to customary conditions.
The group said that the combined company will be able to strengthen its core business lines and enhance its collective ability to provide the highest quality patient care while meeting the current challenges facing the healthcare industry.
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