(Updated - October 20, 2015 6:51 AM EDT)

AmSurg (Nasdaq: AMSG) said to bid $71.47 per share for Team Health Holdings (NYSE: TMH), according to the WSJ.

UPDATE -

According to the report, AmSurg CEO Chris Holden sent a letter to Team Health's board on October 12th. At $71.47 per share, the total value of the transaction is over $5 billion.

Team Health is said to have rebuffed the offer and AmSurg is now about to go public with the proposal.

The merged company would have a 50-50 split of ownership, according to the letter sent by Holden.

In August, Team Health moved to acquire IPC Healthcare in a deal valued around $1.4 billion.

Team Health and AmSurg are flat in early trading Tuesday.