Shares of healthcare services provider Amedisys, Inc. (NASDAQ:AMED) are up in double digits today after diversified health services provider Optum proposed a merger with the former.
The all-cash proposal at $100 per share offers a hefty premium over the $75 level AMED shares were trading at the beginning of this month. Further, the proposal does not have any financing contingency or condition and does not need approval from shareholders.
The development comes after AMED agreed to merge with Option Care Health (NASDAQ:OPCH) on May 3 in an all-stock deal.
Now, AMED Board has determined that ‘the unsolicited proposal (from Optum) could reasonably be expected to result in an “Amedisys Superior Proposal” as defined under its agreement with OPCH.’ Consequently, AMED has entered into a confidentiality agreement with Optum and is in exploratory discussions with the company.
AMED shares have now climbed nearly 20.5% over the past five sessions. At the same time, short interest in the stock currently stands at about 8.6%.
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