UPDATE: Genesis Healthcare to Acquire Sun Healthcare (SUNH) for $8.50/Share

June 20, 2012 4:31 PM EDT
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(Updated - June 20, 2012 4:35 PM EDT)

Sun Healthcare Group, Inc. (NASDAQ: SUNH) today announced that it has signed a definitive agreement for the acquisition of Sun Healthcare (Sun) by Genesis HealthCare (Genesis). The combined company will be able to strengthen its core business lines and enhance its collective ability to provide the highest quality patient care while meeting the current challenges facing the healthcare industry.

Under the terms of the merger agreement, Genesis will acquire Sun for $8.50 per share of common stock in cash, resulting in a transaction value of approximately $275 million net of cash and debt acquired. Sun Healthcare's Board of Directors unanimously approved the transaction.

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