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news.Saga Group is set to take over Allied Healthcare for $3.90 per share, under a definitive agreement signed between the two parties.
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The acquisition is expected to be done for around $175m which will include all outstanding shares and outstanding options.
Allied CEO Sandy Young said after an examination of the strategic alternatives available to the company, their board unanimously concluded that this transaction is in the interests of their company and shareholders.
Saga Healthcare CEO John Ivers said their strategic intent has been to grow their healthcare division organically and through carefully selected acquisitions.
The completion of the transaction is expected to occur in the fourth quarter of 2011.