- AmSurg Corporation tried to put their heads down and power through a previously rejected offer and raised their bid to buy TeamHealth Holdings Inc. by $4 cash per share, increasing it to $15.49 per share.
- TeamHealth rejected AmSurg's $7.8 billion offer to purchase the company last month, which TeamHealth said in a statement was "not in the best interest of TeamHealth and its stockholders," according to the Nashville Business Journal. TeamHealth's CEO and President Michael Snow remarked, "The TeamHealth board reaffirmed its conclusion to reject AmSurg's proposal as it undervalues the company and contains significant execution risk."
- TeamHealth had until 4 p.m. today to consider the raised offer. However, TeamHealth rejected the purchase offer and, shortly thereafter, AmSurg withdrew its acquisition proposal, the Nashville Business Journal reported.
TeamHealth said its decision to reject previous AmSurg's bid is because its board is confident in its strategy plan and their pending $1.6 billion acquisition of IPC Healthcare, which is expected to close before the end of the year, as reported by Modern Healthcare. TeamHealth's agreement to buy IPC Healthcare would expand the company's business into providing healthcare aides for nursing homes and post-acute care, besides its current business of providing hospital contract workers, as reported by Healthcare Dive.
TeamHealth responded to the higher bid in a statement, "After careful deliberation, the TeamHealth board of directors concluded that the revised proposal was not in the best interest of TeamHealth and its stockholders and TeamHealth orally communicated this determination to AmSurg on Oct.30."