Minnetonka, Minn.-based UnitedHealth Group commenced its offer to purchase all outstanding shares of Deerfield, Ill.-based Surgical Care Affiliates.
Under the terms of the offer previously announced, SCA stockholders who validly divest their shares of SCA common stock will receive $57 per share, to be funded between 51 percent and 80 percent with UnitedHealth Group common stock.
SCA declared its intent to merge with OptumCare, the primary and urgent care delivery services arm of Optum, a subsidiary of UnitedHealth Group, Jan. 9. Officials expect the merger to close in the first half of 2017.
UnitedHealth Group's offer expires March 21 at 12:01 a.m. The SCA board of directors unanimously recommended its stockholders accept the offer and divest their shares of SCA common stock. Investment firm TPG Capital, which owns roughly 30 percent of SCA's common stock, agreed to tender their shares as part of the offer.