Regional Health Properties(RHE.US) will acquire SunLink Health(SSY.US) in an all-stock transaction.
1min read Regional Health Properties(RHE.US)is set to acquire SunLink Health Systems(SSY.US)in an all-stock deal.The two companies have finalized a merger agreement and plan, which is anticipated to be completed in the spring of 2025.
Regional's shares surged 260.65% to $5.59 before Monday's market open, while SunLink's shares climbed 36.26% to $1.24.
SunLink will merge with Regional in exchange for 1.41 million shares of Regional common stock and 1.41 million new authorized Series D 8% Cumulative Convertible Redeemable Preferred Shares with a liquidation preference of $10 per share.
The merger has been unanimously approved by the boards of directors of both companies and is subject to the approval of Regional and SunLink shareholders, regulatory approvals, and satisfaction of customary closing conditions.
Regional has agreed to provide one share of common stock for every five shares of SunLink and one share of preferred stock based on an adjusted number.
Three shares of preferred stock are convertible into one share of Regional common stock.
The merger has been unanimously approved by the boards of directors of both companies. SunLink shareholders will own approximately 43% of the combined company.
As of December 31, SunLink had assets of approximately $17.6 million and no long-term debt. Regional expects cost synergies of approximately $1 million on a pre-tax basis by the end of fiscal 2026.
Brent S. Morrison, Chairman and CEO of Regional, said, "The merger will create a stronger, larger combined company with a stronger balance sheet. In addition, the combined company will be prepared for future growth by combining SunLink's complementary assets with Regional's healthcare platform."
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