United Medical
This article was originally published in The Gray Sheet
Executive Summary
Plans to go private via a $9.50 per share cash offer for 48% of the 2.6 mil. shares of United Medical stock outstanding. The remaining 52% of United's stock is held by Chairman John Aglialoro and President Joan Carter, who will retain ownership of the company. There "is no financing contingency for the transaction," which is expected to close 30 days after receipt of approval by the company's public shareholders and the consent of existing lenders. Among reasons cited by the company for going private is that United Medical stock has typically traded below book value, which currently is $10.27 per share. The stock closed at $6.375 on Dec. 31 -- the last trading day before the company's Jan. 4 announcement -- and at $9.25 on Jan. 4....