TeamHealth rejects unsolicited proposal from AmSurg
Under theAmSurg proposal, TeamHealth shareholders would also receive cash consideration of $11.49 per share.
TeamHealth stated that this is the same proposal that its Board of Directors previously reviewed, considered and rejected as not in the best interest of TeamHealth and its stockholders. This conclusion was reached with the assistance of TeamHealth's financial and legal advisors and was based on the insufficient value indicated in the AmSurg proposal, the execution risk of achieving that value, and other key strategic factors, including the Board's confidence in TeamHealth's current strategic plan, the benefits associated with TeamHealth's acquisition of IPC Healthcare, and TeamHealth's leadership position in the physician services industry.
"The TeamHealth Board reaffirmed its conclusion to reject AmSurg's proposal as it undervalues the Company and contains significant execution risk. We have great confidence in our ability to continue delivering value for TeamHealth stockholders and remain focused on realizing the benefits of our agreement with IPC Healthcare, which is on track to close in the fourth quarter," said Michael D. Snow, President and Chief Executive Officer of TeamHealth.