Minnetonka, Minn.-based UnitedHealth Group prolonged the deadline of its exchange offer for all of Deerfield, Ill.-based Surgical Care Affiliates' outstanding shares.
The previous exchange offer to acquire the surgery center and surgical hospital provider was set to expire March 21. The extended deadline is now March 24 at 12:01 a.m. Aside from the deadline change, all terms and conditions of the parties' previous exchange offer will stay the same.
SCA declared its intent to merge with OptumCare, the primary and urgent care delivery services arm of Optum, a subsidiary of UnitedHealth, Jan. 9. Officials expect the merger to close in the first half of 2017.
Under the terms of the offer, SCA stockholders who validly divest their shares of SCA common stock will receive $57 per share, to be funded between 51 percent and 80 percent with UnitedHealth common stock.
UnitedHealth said by March 16, SCA stockholders had tendered about 32.5 percent of the company's outstanding shares.