UnitedHealth Group Inc. recently made an unsolicited offer to acquire Surgery Partners Inc. at $28 per share, according to a person familiar with the matter. However, Surgery Partners rejected the bid, citing concerns over the deal's complexity and the uncertainty of its completion.
Instead of accepting UnitedHealth's proposal, Surgery Partners has decided to revise its existing transaction with HealthSpan Partners. The revised deal will increase the purchase price to as much as $26.61 per share, depending on the timing of the closing. This adjustment was announced in a joint statement released on Bloomberg Terminal.
The Bain Capital-backed surgical chain's decision to forgo UnitedHealth's higher offer in favor of a revised agreement with HealthSpan Partners highlights the company's preference for a more straightforward and secure transaction.