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Stock Market & Financial Investment News

News Breaks
November 19, 2012
09:16 EDTPRSCProvidence Service announces CEO, CFO to retire
The Providence Service Corporation announced that Fletcher Jay McCusker, the company's Chief Executive Officer, will retire from the company to pursue other interests by the end of the year. Effective immediately, Warren Rustand, currently Providence's Lead Director, has been appointed Interim CEO. McCusker will also step down from his role as Chairman of the Board of Directors and as a director. Christopher Shackelton, Managing Partner at Coliseum Capital Management, one of the company's largest shareholders, and a director of the Company, will become Chairman of the Board. The company also announced that Michael Deitch, Chief Financial Officer, will retire from the company to pursue other interests by the end of the year. Robert Wilson, formerly a Managing Director at the international accounting firm Grant Thornton within the firm's Health Care Advisory Services practice, has been appointed CFO.
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September 18, 2014
08:39 EDTPRSCProvidence Service to resume trading at 9:00 am ET
Providence Service announced earlier that it has agreed to acquire Matrix Medical Network, a provider of in-home health assessment and care management services, for $400M in cash and stock. Quotation in shares of Providence is scheduled to resume at 8:55 am ET and trading is scheduled to resume at 9:00 am ET.
08:34 EDTPRSCProvidence Service agrees to acquire Matrix Medical Network for $400M
Providence Service announced that it has entered into an agreement to acquire CCHN Group Holdings, or Matrix Medical Network, a provider of in-home health assessment and care management services. Providence will acquire Matrix for an aggregate purchase price of $400M, comprised of $360M in cash payable at closing and 946,722 shares of Providence common stock with a value of $40M as of close of trading yesterday. Of the shares issued, the majority of which will be held by Welsh Carson, 50% will be subject to a one-year lock-up agreement and the remaining 50% will be subject to a two-year lock up agreement. The acquisition is anticipated to close as early as the fourth quarter of 2014, subject to customary regulatory approvals and closing conditions, and is expected to be accretive to earnings per share in 2015. Matrix generated $187M in revenue for the twelve months ended June 30, 2014. The existing Matrix management team will join Providence. Randy Dobbs, Matrix CEO, announced that he will transition into an advisory role after the acquisition is complete and that Walt Cooper, currently Matrix's COO, will assume leadership of Matrix as Chief Executive Officer. Providence has received financing commitments from Bank of America Merrill Lynch, RBC Capital Markets, and SunTrust Robinson Humphrey to fund the cash portion of the purchase price.

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