By Lisa Kerner
Charlotte, N.C., Oct. 19 - Allion Healthcare, Inc. said it agreed to a going-private transaction with an affiliate of H.I.G. Capital, LLC valued at approximately $278 million, including the assumption or repayment of approximately $79 million of debt.
The agreement, approved by Allion's board of directors, gives stockholders $6.60 per share in cash.
According to Allion, the offer is a 30.2% premium over the company's average share price for the five trading days prior to the execution and public announcement of the transaction.
Allion expects to close the transaction in the first quarter of 2010, subject to shareholder approval.
Parallex LLC and some other Allion stockholders owning approximately 41.1% of Allion's outstanding shares have agreed to vote in favor of the deal with the private equity firm, an Allion news release said.
Raymond James & Associates, Inc. advised Allion's board.
Allion provides specialty pharmacy and disease management services. The company is located in Melville, N.Y.
| Acquirer: | H.I.G. Capital, LLC
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| Target: | Allion Healthcare, Inc.
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| Announcement date: | Oct. 19
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| Transaction total: | $278 million
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| Price per share: | $6.60
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| Expected closing: | First quarter of 2010
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| Stock price for target: | Nasdaq: ALLI: $5.44 on Oct. 16
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