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US private equity firm to buy Health Grades for USD294m
28 July 2010 - US healthcare ratings company Health Grades (NASDAQ: HGRD) said today it has agreed to be acquired by an affiliate of private equity firm Vestar Capital Partners for USD294m (EUR226.3m).
The USD8.2 apiece bid for Health Grades´s 35.9 million shares, gives the company´s stock a 29% premium over its closing price on 27 July.
Following the agreement, Vestar´s unit will call not later than 10 August an all-cash tender for the majority of Health Grades shares.
Health Grades said its executive officers, who hold a 21% stake in the company, have already agreed to sell their shares.
Vestar is active in management buyout, growth capital investment, and recapitalisation, with focus on middle-market companies.
(USD1 = EUR0.769)
The USD8.2 apiece bid for Health Grades´s 35.9 million shares, gives the company´s stock a 29% premium over its closing price on 27 July.
Following the agreement, Vestar´s unit will call not later than 10 August an all-cash tender for the majority of Health Grades shares.
Health Grades said its executive officers, who hold a 21% stake in the company, have already agreed to sell their shares.
Vestar is active in management buyout, growth capital investment, and recapitalisation, with focus on middle-market companies.
(USD1 = EUR0.769)
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