Regional Health Properties (RHE) and SunLink Health Systems (SSY) said Monday that they have agreed to merge in an all-stock deal.
Regional Health shares were up more than 209% and SunLink Health shares were over 16% higher in Monday's premarket activity.
Under the terms of the agreement, SunLink will merge into Regional in exchange for 1.4 million Regional common shares and 1.4 million newly authorized Regional series D 8% cumulative convertible redeemable preferred stock with a liquidation preference of $10 per share.
The deal has already been approved by both companies boards but remains subject to shareholder and regulatory approvals, the companies said, adding that SunLink shareholders will own approximately 43.0% of the combined company after the closing of the deal expected in spring 2025.
Regional Chairman and Chief Executive Brent S. Morrison will lead the combined company as president and CEO, while Sunlink CEO Robert M Thornton will serve as executive vice president and SunLink Chief Financial officer Mark Stockslager will serve as finance chief, the companies said.
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