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Provider: Thomson Reuters Stock Report
Provider: Stock Traders Daily
Provider: New Constructs, LLC
Provider: MacroRisk Analytics/EconomicInvestor

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Tenet Healthcare Corp To Acquire Vanguard Health Systems Inc For $21 Per Share In Cash

Monday, 24 Jun 2013 06:08am EDT 

Tenet Healthcare Corp and Vanguard Health Systems Inc announced that they have signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction. The acquisition is valued at $4.3 billion including the assumption of $2.5 billion in Vanguard debt. Both Boards of Directors have unanimously approved the transaction and Tenet has secured fully committed financing from Bank of America Merrill Lynch. The acquisition, which is expected to close before the end of 2013. Upon closing, Charlie Martin, Vanguard's founder, Chairman and Chief Executive Officer, will join Tenet's Board of Directors. Keith Pitts, Vanguard's Vice Chairman, will join the Tenet senior management team as Vice Chairman. Gibson Dunn & Crutcher served as Tenet's legal counsel and Lazard acted as lead financial and strategic advisor. Bank of America Merrill Lynch, Barclays and Teneo Capital also served as advisors for Tenet. Skadden, Arps, Slate, Meagher & Flom served as Vanguard's legal counsel and JP Morgan acted as exclusive financial and strategic advisor. 

Company Quote

-0.21 -0.46%
10 Jul 2014