Surgery Partners has rejected a take-private bid from its largest shareholder, Bain Capital, stating the two sides were unable to reach agreement on terms, according to a report by Reuters.
A special committee composed of independent directors determined that continuing as a publicly traded company represents the best course of action for the surgical facility operator and its shareholders.
The decision follows Bain Capital’s January proposal to acquire the remaining shares of Surgery Partners it does not already own for $25.75 per share. Bain currently holds a 38.97% stake in the company, according to LSEG data. Shares of Surgery Partners fell over 13% in pre-market trading to $20.10 following the announcement.
Bain Capital has not issued a comment in response to the rejection.
The company, which has previously drawn interest from other strategic and financial buyers including TPG and UnitedHealth Group, according to a Bloomberg report, said it remains committed to executing its standalone strategy.
Surgery Partners also reiterated its full-year revenue guidance of $3.3bn to $3.45bn, in line with consensus estimates of $3.38bn, and plans to host an investor day in the second half of 2025 to outline its long-term growth strategy.
