Surgery Partners says committee to review $25.75 per share buyout proposal

Surgery Partners (SGRY) announced that its board received a non-binding proposal, dated January 27, from Bain Capital Private Equity to acquire all of the outstanding shares of Surgery Partners not already owned by Bain for a cash consideration of $25.75 per share. Bain Capital and its affiliates own approximately 39% of the company’s outstanding common stock. Surgery Partners said a special committee of independent directors is expected to consider the Bain Capital proposal with the assistance of independent financial and legal advisors. The Bain Capital proposal indicates that any potential transaction would be subject to a non-waivable condition requiring the approval of the holders of a majority of the shares that are not owned by Bain Capital and its affiliates, and the approval of a special committee comprised solely of independent and disinterested directors, the company noted. Shares of Surgery Partners are up 19% to $25.19 following the takeover proposal.