RE-CTG Speculation-
AMN to acquire Advanced Medical in $200 million deal
May 01, 2019
AMN Healthcare Services Inc. (NYSE: AHS), the largest US healthcare staffing provider, agreed to acquire Advanced Medical Personnel Services Inc.
The purchase price is $200 million, with up to an additional $20 million to be paid based on Advanced's 2019 financial performance. The acquisition is expected to close by early June, subject to regulatory approvals and customary closing conditions.
Advanced places therapists and nurses in contract positions across multiple settings including hospitals, schools, clinics, skilled nursing facilities and home health. It does business as Advanced Inc., which ranks No. 22 on Staffing Industry Analysts’ list of largest healthcare staffing firms in the US.
“The announced agreement to acquire Advanced Medical Staffing would enable AMN Healthcare to both bolster its allied and travel nurse businesses and further expand its footprint into nonacute care settings such as schools, clinics, skilled nursing facilities and home health,” said Amy Chang, SIA’s healthcare analyst. “Advanced Medical’s recent launch of telehealth services would also add new capabilities to AMN’s portfolio of workforce solutions offerings.”
Advanced, launched in 1989, is headquartered in Port Orange, Florida, with an additional office in Denver. Advanced provides occupational therapists, physical therapists, speech language pathologists, and nurses. More recently, it launched a platform that provides large school districts with onsite and telehealth therapists. Advanced has a current annualized run rate of approximately $140 million revenue and adjusted EBITDA of $20 million.
“In addition to the attractive nature of their growing footprint in schools, we are excited about the potential of the recently launched telehealth platform for delivery of speech therapy to children across the country,” AMN President and CEO Susan Salka said. “This acquisition also expands our talent network of healthcare professionals and increases our placement capabilities where we have the most significant imbalances of talent supply and demand.”
Under the terms of the purchase agreement, AMN will acquire all of the issued and outstanding shares of capital stock of Advanced Medical, according to a filing with US Securities and Exchange Commission. Advanced Medical will become a wholly owned subsidiary of the AMN Healthcare.
AMN Healthcare last year acquired Tampa, Fla.-based MedPartners — a health information management and locum tenens staffing provider — for $195 million. It also acquired two Boston-area firms in a separate transaction: Phillips DiPisa and Leaders for Today.
AMN plans to discuss more details of the acquisition during its first quarter 2019 earnings call, scheduled for tomorrow.
www2.staffingindustry.com
P.S.
Oldie acquisition proposal of CTG to push for CTG progress. This industry is cutthroat. The elimination of competition or accretive complementary acquisitions that fit margin expansion is the way moving forward in this industry IMO. Looking at micro cap competitors in comparison. Microcap competitor Staffing 360 has become barely profitable. The recent public stock offering @ 1.65 with a 9 million market cap IMO shows cracks in their acquisition strategy moving forward. TSR seems to be still struggling.
Computer Task Group Responds to Unsolicited Proposal from RCM Technologies, Inc.
Aug 21, 2007
BUFFALO, N.Y., Aug 21, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Computer Task Group, Inc. (Nasdaq: CTGX) (CTG) today issued the following statement in response to RCM Technologies, Inc.'s (Nasdaq: RCMT) (RCM) proposal to acquire all of its outstanding common stock for $5.25 per share, with 50% being payable in RCM stock and 50% in cash:
Since June 25, 2007, RCM has made two opportunistic proposals to acquire the Company. Today's announcement by RCM simply reiterates the terms of its July 25, 2007 proposal, which, after careful consideration, the CTG Board of Directors unanimously determined is inadequate and does not reflect the value inherent in CTG or the Company's potential growth opportunities. The CTG Board strongly believes in the Company's ability to successfully execute its strategic plan and provide significant value to its stockholders. With regard to its business, the Company expects to continue to see improvements in staffing demand, and has closed several large solutions projects. In addition, CTG expects to enter into additional solutions contracts, particularly in its healthcare vertical, that the Company believes will contribute to its results in the second half of the year. Given these growth opportunities and the improving mix of higher margin solutions business, the Board and management are confident in its future prospects.
investors.ctg.com
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QAR Industries is bidding to buy TSR Inc.,
a Hauppauge-based staffing company, according to an SEC filing.
Mineral Wells, Texas-based QAR, which owns about 7 percent of TSR's stock, is offering $6.25 per share for the rest of the company.
TSR shares rose nearly 14 percent to $5.31 on Tuesday after the bid was disclosed. They fell 3.4 percent to close at $5.07 Wednesday; then jumped 19 percent to $6.04 in after-hours trading.
QAR, a maker of broadcast and communications equipment, made the bid to the board rather than directly to shareholders.
QAR criticized TSR's board in a letter dated Nov. 14 that was contained in the SEC filing that made the bid public.
"Not to be inflammatory, but we strongly disagree with the Board of Director's recent actions and fully believe a cash offer is a better choice for the company's shareholders than for them to see their rights as shareholders eroded," QAR wrote.
TSR enacted a shareholder rights plan, called a "poison pill" in Wall Street parlance, after QAR, Zeff Capital LP of Manhattan and Fintech Consulting LLC of Iselin, New Jersey, acquired 41.8 percent of TSR's stock in the summer. A shareholder rights plan seeks to fend off hostile acquisition attempts by threatening to dilute the holdings of unwanted suitors.
QAR added that "we believe that as a private company," TSR can better focus on its customers than as a publicly traded company. .
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