Amedisys today announced that it received an unsolicited proposal from Optum to acquire all of the outstanding shares of Amedisys’ common stock in an all-cash transaction for $100 per share. Amedisys stock popped more than 13% on the news, hitting $90 a share. Based on shares outstanding, the offer values Amedisys at about $3.3 billion.
Amedisys last month entered into a merger agreement with Option Care Health, under which Amedisys and Option would combine in an all-stock transaction. Under the terms of the merger agreement, Amedisys stockholders would receive 3.0213 shares of Option Care Health common stock for each existing share of Amedisys common stock they hold at the closing of the transaction. Upon closing Amedisys stockholders are expected to own approximately 35.5% of the outstanding shares of the combined company on a fully diluted basis. The transaction is subject to approval by Option Care stockholders and Amedisys stockholders, receipt of regulatory approvals, including termination or expiration of the applicable waiting periods under the HSR Act and state insurance approvals, among other customary closing conditions.
The Amedisys board consulted with its outside counsel and financial advisor to evaluate Optum’s proposal. The board conducted this evaluation in accordance with the terms of the company’s merger agreement with Option Care Health, according to a press release.
The board has determined that the unsolicited proposal received from Optum could reasonably be expected to result in an “Amedisys Superior Proposal” as defined in Amedisys’ merger agreement with Option Care Health. As permitted by the terms of Amedisys’ merger agreement with Option, Amedisys entered into a confidentiality agreement with Optum on May 30 and is currently engaging in exploratory discussions with Optum with respect to the acquisition proposal. Read more.
