Concentra announces completion of spin-off from Select Medical

Concentra (CON) announced that Select Medical Holdings (SEM) has completed its previously announced distribution of 104,093,503 shares of Concentra’s common stock owned by Select Medical Corporation, a wholly owned subsidiary of Select Medical, representing approximately 81.7% of the outstanding shares of Concentra’s common stock. After the completion of the Distribution, Select Medical no longer owns any shares of Concentra’s common stock. The Distribution was made to Select Medical’s stockholders as of the close of business on November 18. The Distribution took place in the form of a pro rata common stock distribution to each of Select Medical’s stockholders on the Record Date. Based on the shares of Select Medical’s common stock outstanding on the Record Date, Select Medical’s stockholders received 0.806971 shares of Concentra’s common stock for every share of Select Medical’s common stock held as of the Record Date. No fractional shares of Concentra’s common stock were distributed. Instead, Select Medical’s stockholders will receive cash in lieu of any fraction of a share of Concentra’s common stock that they otherwise would have received.