Patterson Cos Agrees to Be Acquired by Patient Square in $4.1B Deal

Dow Jones

11 Dec 2024

By Denny Jacob

Patterson Cos. agreed to be acquired by health-care investment firm Patient Square Capital in a deal valued around $4.1 billion.

The dental and animal health-care company said its shareholders will receive $31.35 a share in cash, a roughly 49% premium to its 30-calendar-day, volume-weighted average price ending Dec. 4, the last trading day before it announced an evaluation of strategic alternatives. The value of the deal includes the refinancing of Patterson's receivables facilities.

Patterson shares closed Tuesday at $23.11. The stock is down about 19% from the start of the year.

Patterson's board, excluding Chief Executive Don Zurbay--given his position as a management director--unanimously approved the transaction. It is expected to close in the fourth quarter of Patterson's fiscal 2025, at which time the company will go private.

The merger agreement includes a 40-day "go-shop" period that permits Patterson's board and its advisers to actively solicit alternative acquisition proposals.

Patient Square has about $11 billion in assets as of Sept. 30. Its portfolio includes companies such as Access TeleCare and Apollo Therapeutics, according to its website.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 11, 2024 07:24 ET (12:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It is expected to close in the fourth quarter of Patterson's fiscal 2025, at which time the company will go private.The merger agreement includes a 40-day \"go-shop\" period that permits Patterson's board and its advisers to actively solicit alternative acquisition proposals.P","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Patterson Cos同意被Patient Square以$4.1 B的交易收购","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDCO":1},"content_text":"By Denny Jacob \n\n\n \n\n\n  Patterson Cos. agreed to be acquired by health-care investment firm Patient Square Capital in a deal valued around $4.1 billion. \n\n\n  The dental and animal health-care company said its shareholders will receive $31.35 a share in cash, a roughly 49% premium to its 30-calendar-day, volume-weighted average price ending Dec. 4, the last trading day before it announced an evaluation of strategic alternatives. 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