Akumin Shares Rise 41% on Deal to Go Private

Dow Jones

2023/10/21

By Ben Glickman

Shares of Akumin rose Friday after the company said it had agreed to be taken private by private-equity firm Stonepeak.

The stock was up 41% to 21 cents in after-hours trading, following a 0.4% rise at Friday's close. Shares are down 80% this year.

The Plantation, Fla.-based outpatient radiology and oncology company said Stonepeak's note of $470 million would be cancelled and converted to Akumin stock. Stonepeak will also invest $130 million in the company.

Shareholders will get $25 million in cash and contingent value rights for Akumin shares.

The company expects the prepackaged chapter 11 case to be approved by courts in 45 days.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 20, 2023 17:38 ET (21:38 GMT)

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Shares are down 80% this year. \n\n\n  The Plantation, Fla.-based outpatient radiology and oncology company said Stonepeak's note of $470 million would be cancelled and converted to Akumin stock. Stonepeak will also invest $130 million in the company. \n\n\n  Shareholders will get $25 million in cash and contingent value rights for Akumin shares. \n\n\n  The company expects the prepackaged chapter 11 case to be approved by courts in 45 days. \n\n\n \n\n\n   Write to Ben Glickman at ben.glickman@wsj.com \n\n\n  (END) Dow Jones Newswires\n\n\n  October 20, 2023 17:38 ET (21:38 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}