Surgery Partners received a non-binding acquisition proposal from Bain Capital for $25.75 per share, pending Board review.
Quiver AI Summary
Surgery Partners, Inc. announced that its Board of Directors received a non-binding acquisition proposal from Bain Capital Private Equity to buy all outstanding shares of the company not already owned by Bain for $25.75 per share. Bain Capital currently holds approximately 39% of Surgery Partners’ shares. A Special Committee of independent directors will review the proposal with the help of financial and legal advisors. The proposal requires approval from a majority of shareholders not affiliated with Bain and a fully empowered Special Committee of independent directors. The company advises shareholders that no decisions have been made regarding the proposal and emphasizes that it is non-binding, meaning no assurance can be made that a definitive offer or transaction will occur.
Potential Positives
- Bain Capital has proposed to acquire Surgery Partners at a price of $25.75 per share, which may indicate a positive valuation of the company from a significant investor.
- The proposal from Bain Capital will be reviewed by a Special Committee of independent directors, ensuring that any potential transaction is evaluated by disinterested parties.
- The announcement of the acquisition proposal highlights Surgery Partners' growth and presence in the healthcare services sector, operating over 200 locations in 33 states.
Potential Negatives
- The non-binding nature of the Bain Capital proposal raises uncertainty about the future of Surgery Partners, indicating that there may be no immediate direction or definitive plans for shareholders.
- The requirement of majority approval from shareholders not affiliated with Bain Capital for any potential transaction may highlight a lack of confidence in the company's independent value, which could affect investor sentiment.
- The announcement suggests that the company's leadership may be under pressure to respond to a takeover proposal, potentially indicating internal governance challenges or vulnerabilities in its market position.
FAQ
What is the Bain Capital Proposal for Surgery Partners?
Bain Capital proposed to acquire all outstanding shares of Surgery Partners for $25.75 per share, excluding their current ownership.
How much of Surgery Partners does Bain Capital currently own?
Bain Capital and its affiliates own approximately 39% of Surgery Partners' outstanding common stock.
What steps will the Board take regarding the Bain Capital Proposal?
The Board's Special Committee of independent directors will consider the proposal with help from financial and legal advisors.
Is the Bain Capital Proposal binding?
No, the Bain Capital Proposal is non-binding and there is no guarantee of a definitive offer being made.
What should shareholders know about the proposal status?
Shareholders should be cautious as no decisions have been made regarding the proposal's acceptance or response.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SGRY Insider Trading Activity
$SGRY insiders have traded $SGRY stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $SGRY stock by insiders over the last 6 months:
- HARRISON R. BANE (National Group President) sold 6,325 shares for an estimated $196,741
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SGRY Hedge Fund Activity
We have seen 97 institutional investors add shares of $SGRY stock to their portfolio, and 95 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) removed 2,927,000 shares (-62.2%) from their portfolio in Q3 2024, for an estimated $94,366,480
- DURABLE CAPITAL PARTNERS LP removed 2,881,227 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $92,890,758
- INVESCO LTD. added 1,760,946 shares (+174.5%) to their portfolio in Q3 2024, for an estimated $56,772,899
- KING STREET CAPITAL MANAGEMENT, L.P. added 1,450,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $46,748,000
- JANUS HENDERSON GROUP PLC added 1,184,450 shares (+27.5%) to their portfolio in Q3 2024, for an estimated $38,186,668
- CLEARBRIDGE INVESTMENTS, LLC removed 1,084,475 shares (-19.4%) from their portfolio in Q3 2024, for an estimated $34,963,474
- VICTORY CAPITAL MANAGEMENT INC added 777,038 shares (+140.4%) to their portfolio in Q3 2024, for an estimated $25,051,705
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BRENTWOOD, Tenn., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ: SGRY) (“Surgery Partners” or the “Company”), a leading short-stay surgical facility owner and operator, today announced that its Board of Directors (the “Board”) received a non-binding proposal, dated January 27, 2025, from Bain Capital Private Equity, LP (“Bain Capital”) to acquire all of the outstanding shares of Surgery Partners not already owned by Bain Capital for a cash consideration of $25.75 per share (the “Bain Capital Proposal”). Bain Capital and its affiliates own approximately 39% of the Company’s outstanding common stock, based on the Schedule 13D/A filing dated January 28, 2025.
A Special Committee of independent directors of the Board is expected to consider the Bain Capital Proposal with the assistance of independent financial and legal advisors.
The Bain Capital Proposal indicates that any potential transaction would be subject to a non-waivable condition requiring the approval of the holders of a majority of the shares of Common Stock that are not owned by Bain Capital and its affiliates, and the approval of a fully empowered Special Committee comprised solely of independent and disinterested directors.
The Company cautions its shareholders and others considering trading in its securities that no decisions have been made with respect to the Company's response to the proposal. The Bain Capital Proposal is non-binding and there can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by applicable law.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 33 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com .
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, expectations regarding the proposed transaction and the formation of a Special Committee. You are cautioned not to rely on any forward-looking statements and reminded that the Bain Capital Proposal is non-binding and there can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Contacts
Investors
Surgery Partners Investor Relations
(615) 234-8940
[email protected]
Media
Matt Sherman / Jed Repko / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
[email protected]