Robbins Arroyo LLP: Acquisition of Surgical Care Affiliates, Inc. (SCAI) by UnitedHealth Group Incorporated (UNH) May Not Be ...
10 Janvier 2017 - 11:13PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Surgical Care Affiliates,
Inc. (NASDAQGS: SCAI) by UnitedHealth Group Incorporated (NYSE:
UNH). On January 9, 2017, the two companies announced the signing
of an Agreement and Plan of Reorganization pursuant to which
Surgical Care Affiliates will combine with OptumCare, a member of
the UnitedHealth Group. Under the terms of the agreement,
outstanding shares of Surgical Care Affiliates common stock will be
acquired for a fixed price of $57.00 to be funded between 51% to
80% with UnitedHealth Group common stock and the remainder in cash,
with the final percentage to be determined at UnitedHealth Group's
option.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/surgical-care-affiliates-inc
Is the Proposed Acquisition Best for Surgical Care Affiliates
and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Surgical Care Affiliates is undertaking a fair
process to obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $57.00 merger consideration represents
a premium of only 16.90% based on Surgical Care Affiliates' closing
price on January 6, 2017. This premium is significantly below the
average one day premium of nearly 47.01% for comparable
transactions within the past five years. Further, the $57.00 merger
consideration is significantly below the target price of $58.00 set
by an analyst at SunTrust Robinson Humphrey on July 19, 2016.
On November 1, 2016, Surgical Care Affiliates reported strong
earnings results for its third quarter 2016. Surgical Care
Affiliates reported net operating revenue of $322.8 million for the
three months ended September 30, 2016, a 25.2% increase from the
same period of the prior year. Surgical Care Affiliates has also
beaten analyst estimates for revenue in three of the past four
consecutive quarters. In commenting on these results, Surgical Care
Affiliates Chief Executive Officer and Chairman of the board Andrew
Hayek remarked, "We are pleased with our clinical, strategic and
financial performance. Patient care is our first priority, and our
success is driven by our outstanding physicians and teammates, who
continue to achieve strong clinical quality and patient
satisfaction results. From a strategic standpoint, we continue to
partner with health plans, medical groups and health systems, and
our development pipeline remains strong. We are grateful to our
physicians and teammates across the country who are dedicated to
outstanding patient care and to building our SCA community."
In light of these facts, Robbins Arroyo LLP is examining
Surgical Care Affiliates' board of directors' decision to sell the
company now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Surgical Care Affiliates shareholders have the option to file a
class action lawsuit to ensure the board of directors obtains the
best possible price for shareholders and the disclosure of material
information. Surgical Care Affiliates shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170110006421/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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