Atlanta-based SunLink Health Systems (pdf) has extended its deadline to purchase shares from stockholders as the for-profit hospital operator attempts to go private.
Last month, SunLink executives said they wanted to buy back all common shares from people who hold 99 or fewer shares. The company would pay $1.50 per share — their Jan. 31 price — and it would also offer a $100 bonus to anyone who accepted the offer.
The original deadline for the offer was this upcoming Monday, but SunLink said it extended the deal until March 26.
SunLink, which has been in financial turmoil for several years and currently owns four small community hospitals, must reduce its shareholders to fewer than 300 in order to take the company private. In 2006, the for-profit hospital operator's stock was trading at more than $10 per share, but when the recession hit in late 2008, SunLink's stock crashed to as low as $0.60 per share.
Last month, SunLink executives said they wanted to buy back all common shares from people who hold 99 or fewer shares. The company would pay $1.50 per share — their Jan. 31 price — and it would also offer a $100 bonus to anyone who accepted the offer.
The original deadline for the offer was this upcoming Monday, but SunLink said it extended the deal until March 26.
SunLink, which has been in financial turmoil for several years and currently owns four small community hospitals, must reduce its shareholders to fewer than 300 in order to take the company private. In 2006, the for-profit hospital operator's stock was trading at more than $10 per share, but when the recession hit in late 2008, SunLink's stock crashed to as low as $0.60 per share.
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