Surgery Partners Rejects UnitedHealth's $28-a-Share Takeover Bid

UnitedHealth Group made an unsolicited offer of $28 per share to acquire Surgery Partners, Bloomberg reported Nov. 9, citing a person familiar with the matter. Surgery Partners rejected the offer over concerns about deal complexity and the risk it might not close. The company instead amended its existing merger agreement with HealthSpan Partners, an affiliate of Bon Secours Mercy Health, raising the price to $25 per share from $23.50, with shareholders other than Bain Capital potentially receiving up to $26.61 per share if the deal closes after March 1, 2027. Bain, which holds about 39% of shares, has agreed to vote for the HealthSpan deal. UnitedHealth CFO Wayne DeVeydt previously served as Surgery Partners' chairman and CEO from 2018 to 2020. Surgery Partners operates more than 200 locations in 30 states; UnitedHealth's Optum division says it partners with over 300 surgical centers nationwide.