By Lisa Kerner
Charlotte, N.C., Feb. 14 - Psychiatric Solutions, Inc. and Horizon Health Corp. are responding to a request for additional information, or a "second request," from the Federal Trade Commission in relation to Psychiatric Solutions' pending acquisition of Horizon Health.
While the second request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the companies expect to close the transaction during the second quarter of 2007, according to a company news release.
Under the transaction agreement announced Jan. 22, Psychiatric Solutions is buying Horizon Health for $426 million, including a cash payment of $20.00 per share totaling $321 million and the assumption of Horizon Health's outstanding debt.
Psychiatric Solutions, located in Franklin, Tenn., offers behavioral health programs through freestanding psychiatric inpatient facilities.
Lewisville, Texas-based Horizon Health owns behavioral health facilities and manages clinical services for acute care hospitals and employers.
| Acquirer: | Psychiatric Solutions, Inc.
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| Target: | Horizon Health Corp.
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| Payment per share: | $20.00
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| Announcement date: | Jan. 22
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| Expected closing: | Second quarter
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| Stock price for target: | Nasdaq: PSYS; $38.91 on Feb. 13
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