IPC The Hospitalist Co., North Hollywood, Calif., has acquired Texas Inpatient Services, also known as TIPS, a seven-physician practice in the Dallas-Fort Worth area.
The seven hospitalists who make up TIPS work in several area hospitals as well as subacute-care facilities in Dallas and its suburbs.
Company officials would not comment on the terms of the deal, and said they were in a quiet period relating to a proposed secondary public offering of 5 million shares of common stock.
IPC filed registration forms with the Securities and Exchange Commission on June 17 for the proposed offering, which would include almost 3.9 million existing shares owned by current stockholders and more than 1.1 million new shares.
In an initial public offering held in January, the company offered 5.2 million shares for $16 apiece, selling 3.3 million new shares and 1.9 million shares of existing stock. Since then the price of its stock has ranged from $24.20 to $16.25. It closed today at $19.06 and had been as high as $19.51. -- by Andis Robeznieks