Surgery Partners and HealthSpan Partners amend merger to $25 per share plus ticking fees
On November 9, 2026, Surgery Partners and HealthSpan Partners amended their merger agreement after Surgery Partners received an unsolicited $28.00-per-share competing proposal. The amended terms provide $25.00 per share in cash plus up to $1.61 per share in ticking fees for Surgery Partners stockholders other than Bain Capital affiliates if approval is obtained before March 1, 2027 and the merger closes on the October 23, 2027 outside date. Surgery Partners' board determined that the competing proposal was not a superior proposal, citing its expected longer timing, regulatory risk and lack of contractual protections, and reaffirmed its recommendation of the HealthSpan merger.
The provided coverage describes a substantive amendment to the Surgery Partners–HealthSpan Partners merger, not a market-price move. The amendment changes the cash consideration to $25.00 per share, adds up to $1.61 per share in time-based ticking fees, and follows an unsolicited $28.00-per-share competing proposal that the board determined was not superior because of timing, regulatory and contractual-protection concerns. This is a material, forward-looking M&A catalyst, although the transaction remains subject to stockholder, regulatory and other closing conditions. The November 9, 2026 date is supported by the announcement timestamps; because no exact real-world announcement or execution time is provided, the timestamp uses midnight UTC with moderate confidence. The amendment is a distinct follow-on development within existing event 10173 rather than a duplicate. SGRY is directly affected, while THC, HCA and UNH have supported second-order exposure as large public ASC operators; more indirect suppliers, payers, staffing companies and other hospital operators are excluded.
Surgery Partners amended its HealthSpan Partners merger agreement to $25.00 per share in cash, with up to $1.61 per share in ticking fees if approval is obtained before March 1, 2027 and closing occurs on October 23, 2027.
A competing proposal offered $28.00 per share; the board did not deem it superior.
UNITEDHEALTH IS SAID TO HAVE BID $28/SHARE FOR SURGERY PARTNERS
Surgery Partners (SGRY [https://seekingalpha.com/symbol/SGRY]) announced on Monday an amended merger agreement with HealthSpan Partners, raising the all-cash offer to $25 per share, valuing the deal at up to approximately $6B.
Stockholders could receive up to an additional $1.61 per share in monthly ticking fees if the deal closes after March 1, 2027, bringing total consideration to $26.61 per share.
The revised offer follows a competing bid of $28 per share from a third party, which the company's Special Committee rejected due to regulatory risks and potential closing delays.