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News Breaks | | | | June 20, 2012 | | 16:31 EDT |  | SUNH | Genesis HealthCare to acquire Sun Healthcare
Sun Healthcare Group announced that it has signed a definitive agreement for the acquisition of Sun Healthcare by Genesis HealthCare. The combined company will be able to strengthen its core business lines and enhance its collective ability to provide the highest quality patient care while meeting the current challenges facing the healthcare industry. Under the terms of the merger agreement, Genesis will acquire Sun for $8.50 per share of common stock in cash, resulting in a transaction value of approximately $275M net of cash and debt acquired. Sun Healthcare's board unanimously approved the transaction. The closing of the transaction is subject to customary conditions, including approval by Sun stockholders, expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as regulatory approvals. The closing is expected to occur in the fall. | |
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