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United Surgical OKs takeover

January 09, 2007|From the Associated Press

DALLAS — United Surgical Partners International Inc., which operates short-term-stay surgical facilities, said Monday that it had agreed to a takeover offer worth about $1.39 billion from a group affiliated with buyout specialist Welsh, Carson, Anderson & Stowe. Its shares climbed nearly 12%.

Under the agreement, United Surgical Partners shareholders would receive $31.05 a share, a 13.4% premium over the closing price Friday. The Addison, Texas, company has about 44.6 million shares outstanding.

Including debt being assumed, the transaction is valued at about $1.8 billion.

United Surgical's board approved the deal. The companies expect the transaction to close in the second quarter after regulatory and shareholder approval.

United Surgical has until Feb. 17 to consider other offers. If it accepts another offer, the company would have to pay bidder UNCN Acquisition Corp. as much as $42.5 million in termination fees.

Shares of United Surgical Partners rose $3.19, or 11.65%, to close at $30.58.

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