Doug;
PPH News
Wednesday November 11, 6:41 pm Eastern Time
Ambulatory Healtcare sets tender offer for PHP
MANASSAS, Va., Nov. 11 (Reuters) - Privately-held Ambulatory Healthcare Corp. of
America, a provider of outpatient health care, said Wednesday it launched a tender offer
valued at about $22 million for Reston, Va.-based managed care organization PHP
Healthcare Corp. (NYSE:PPH - news).
The company has offered to pay $2 per share -- a substantial premium over Wednesday's closing price of 63 cents -- for
PHP's more than 11 million shares outstanding, said William Danielczyk, Ambulatory Healthcare's president and chief
executive.
PHP, which traded as high as 32-1/4 in June of 1996, has seen its stock price erode amid some disappointing financial results.
''We think it is a good company,'' Danielczyk told Reuters. ''We want to treat the shareholders fairly.''
Danielczyk said the acquisition would give his company an opportunity to become a publicly-held company. He did not say
whether Ambulatory Healthcare would attempt to take PHP private or leave it public.
''We are going to explore all avenues,'' he said. ''The game plan of our company is to one day go public.''
Ambulatory Healthcare owns and manages a multi-state network of outpatient health care services including medical
rehabilitation, home health and ambulatory surgery.
Danielczyk said in a statement he will be happy to meet with PHP's board or management, but also said ''bold action'' is
needed to improve PHP's stock performance.
More Quotes and News:
PHP Healthcare Corp (NYSE:PPH - news)
Related News Categories: options, US Market News
Good Trading Allan P
|
