Psychiatric Solutions Stockholders Approve Merger with Universal Health Services
05 Ottobre 2010 - 7:30PM
Business Wire
Psychiatric Solutions, Inc. (“PSI”) (NASDAQ: PSYS) today
announced that its stockholders have voted to approve the
previously announced merger agreement providing for the acquisition
of PSI by Universal Health Services, Inc. (“UHS”) (NYSE: UHS).
Approximately 96.6% of the shares voting at today’s Special
Meeting of Stockholders voted in favor of the adoption of the
merger agreement, which represented approximately 79.5% of PSI’s
total outstanding shares of common stock as of the August 24, 2010
record date.
Upon the completion of the merger, PSI stockholders will receive
$33.75 in cash, without interest and less any applicable
withholding taxes, for each share of the Company’s common stock
that they own as of the effective time of the merger. The
transaction is currently expected to be completed in the fourth
quarter of 2010.
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements other than those made solely with
respect to historical fact and are based on the intent, belief or
current expectations of PSI and its management. The merger is
subject to a variety of risks and uncertainties, including but not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; (2) the outcome of any legal proceedings that have been
or may be instituted against PSI and others relating to the merger
agreement or other matters; (3) the inability to complete the
merger due to the failure to satisfy the conditions to consummation
of the merger, including the expiration or termination of any
waiting period applicable to the consummation of the merger under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended; (4) the failure of UHS to obtain the necessary debt
financing to consummate the merger; and (5) the failure of the
merger to close for any other reason. The forward-looking
statements herein are qualified in their entirety by the risk
factors set forth in PSI's filings with the Securities and Exchange
Commission. PSI undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Readers should not place undue reliance
on forward-looking statements, which reflect management's views
only as of the date hereof.
PSI offers an extensive continuum of behavioral health programs
to critically ill children, adolescents and adults and is the
largest operator of owned or leased freestanding psychiatric
inpatient facilities with over 11,000 beds in 32 states, Puerto
Rico and the U.S. Virgin Islands. PSI also manages freestanding
psychiatric inpatient facilities for government agencies and
psychiatric inpatient units within medical/surgical hospitals owned
by others.
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