Horizon Health Corp., Lewisville, Texas, said its stockholders voted in a special meeting Wednesday to adopt the previously announced merger agreement with Franklin, Tenn.-based Psychiatric Solutions for a total value of $426 million.
In the deal, Psychiatric Solutions agreed to acquire Horizon for $321 million, or $20 per share, and also assume about $105 million in debt. In February, both companies received a request for additional information from the Federal Trade Commission and both parties are in the process of responding to the second request, Horizon said in a news release.
The deal is still subject to certain regulatory approvals, including termination or expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act, and it is expected to close in the second quarter. -- by Jessica Zigmond