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Medical staffing company TeamHealth rejects AmSurg’s revised offer

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AmSurg, TeamHealth(Reuters) — Medical staffing company TeamHealth Holdings today rejected AmSurg‘s revised buyout offer that, despite an increase in the cash component, was lower than AmSurg’s previous offer.

A deal would make the combination a leading provider of medical staff such as radiologists, anesthesiologists and physicians for ambulatory surgery and primary care.

Earlier today, AmSurg had raised the cash component of its offer by $4 per share to $15.49 per TeamHealth share, but kept the stock component unchanged at 0.768 of its shares for each TeamHealth share.

The revised offer valued TeamHealth at $69.32 per share, or about $5.1 billion, based on the stock’s Oct. 30 close.

AmSurg’s 1st offer on Oct. 20 was worth $71.47 per TeamHealth share, or about $5.3 billion, based on the stock’s closing on Oct. 19.

TeamHealth said today that “the revised proposal undervalues TeamHealth and does not provide certainty for TeamHealth’s stockholders.”

Up to last week’s close, AmSurg shares had fallen 8% since it first offered to buy TeamHealth. That lowered the value of its offer.

AmSurg shares were up 1.9% at $71.40 in morning trading on Monday, while TeamHealth’s shares were down 8.5% at $54.60.

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