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TeamHealth has shut down a private merger offer from AmSurg Corp. TeamHealth is a hospital staffing company while AmSurg aids in running clinics and surgery centers, Bloomberg said. This was announced shortly after the latter has announced that it is engaging with TeamHealth on Tuesday, Reuters said. The offer was at USD5.3 billion at USD71.47 per share, of which TeamHealth is quick to retort that the offer is undervalued. It was noted that the offer was at a 36 percent premium of TeamHealth’s closing price on Monday.
Under the terms of the merger offer, the new company will assume the TeamHealth name and will continue to operate from its headquarters in Knoxville, Tennessee, Street Insider reports. Moreover, the Board of Directors will be filled with representatives from both companies, with AmSurg President and Chief Executive Officer Christopher Holden acting as the new CEO.
In a letter addressed to the members of TeamHealth’s Board, Holden said, “We are disappointed to learn that you chose not to engage with us based on what appears to be a very cursory analysis of our specific proposal and key deal terms.”
If the merger happened, the new company will have about 1,200 health-care facilities and 20,000 clinical workers in its stead, Amsurg said.
