Bon Secours affiliate sweetens bid for Surgery Partners to up to $6 billion
SGRY•HealthSpan Partners raised its offer for Surgery Partners to up to $6 billion, with shareholders other than Bain Capital affiliates set to receive $25 per share in cash. If the deal closes on October 23, 2027, additional monthly payments could raise the total to $26.61 per share.
1. Higher offer terms
HealthSpan Partners, an affiliate of Bon Secours Mercy Health, sweetened its bid for Surgery Partners after the company received an unsolicited competing proposal. Shareholders other than Bain Capital affiliates would receive $25 per share in cash, up from $23.50.
2. Competing proposal
Surgery Partners considered an unsolicited, non-binding offer from another buyer on November 3 to purchase all its shares for $28 per share in cash. Bain Capital, a minority shareholder since 2017 with a 39% stake, will back the HealthSpan deal.
3. Potential extra payments
If shareholders approve the merger but it closes after March 1, 2027, eligible shareholders would receive additional monthly payments. Those payments could total $1.61 per share if the deal closes on the final outside date of October 23, 2027, bringing potential consideration to $26.61 per share.
