Resurgence Health Group, Sugar Hill, Ga., has teamed up with an investor to offer to buy seven-hospital SunLink Health Systems, Atlanta, in a deal valued at $7.50 per share, or $51.1 million in cash. The buyers also offered to pay off SunLinks debt, which was $8.5 million as of June 30, the last time publicly traded SunLink has reported the figure.
According to the securities filing that gave details of the offer, the investor is a group of funds controlled by Berggruen Holdings, an investment firm based in the British Virgin Islands. Resurgence is a privately held rural-hospital company that operates three hospitals. Berggruen already controls 9.4% of SunLinks shares.
SunLink acknowledged receipt of the offer in a news release and said it would have no further comment until its board of directors has evaluated the offer. In October 2005, North Atlantic Value, a London-based private-equity firm, offered to pay $10.25 per share to acquire SunLink. North Atlantic and SunLink discussed a deal for about a year, but the two sides were not able to come to terms. -- by Vince Galloro
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