Allied Healthcare International Inc., a leading homecare provider of health and social care in the UK and Ireland, today announced it will be acquired by Saga Group Ltd. for $175 million, or $3.90 per share, representing a premium of 59% to Allied’s closing price on July 28, 2011, of $2.45.
Allied is a leading health and social care provider in the UK and Ireland. The company operates a network of approximately 120 branches. Saga provides insurance, savings, financial advice, among other services.
Allied’s healthcare services are complementary to Saga’s broader business and acquisitions strategy, and Saga said the acquisition will help it grow its nationwide presence.
“Our strategic intent has been to grow our healthcare division organically and through carefully selected acquisitions. I am therefore delighted that Allied is joining the Saga Group. Saga will be the UK’s pre-eminent provider of domiciliary care,” John Ivers, CEO of Saga stated in the press release. “We are creating a nationally recognized and trusted provider of quality care in the home.”
Sandy Young, CEO of Allied, voiced his confidence in the transactions benefit to shareholders.
“After a robust examination of the strategic alternatives available to the company, our board unanimously concluded that this transaction is in the best interests of our company and
shareholders,” Young stated.
The acquisition is slated for completion in the fourth quarter of 2011. For more information visit www.alliedhealthcare.com or www.saga.co.uk
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