Upper Allen Township-based Select Medical Holdings Corporation, which has hospitals, rehabs, and clinics across the country, will be acquired for $3.9 billion by a group led by its co-founder.
An entity affiliated with a consortium led by Robert A. Ortenzio, executive chairman, co-founder, and director of Select Medical; Martin F. Jackson, senior executive vice president of strategic finance and operations of Select Medical; and Welsh, Carson, Anderson & Stowe, a private equity firm, has agreed to purchase Select Medical.
The group will acquire all of the outstanding shares of common stock of Select Medical not already owned by the consortium for a price per share of $16.50, which is about 18% over Select Medical’s share price on November 24 — the last trading day before a publicly disclosed proposal submitted by Ortenzio to Select Medical’s board of directors. As of early Wednesday afternoon, Select Medical’s stock was trading at $16.25…