(Reuters) -Surgery Partners said on Tuesday it was unable to agree to the terms set by Bain Capital, its largest shareholder, to take the surgical facility operator private.
Surgery Partners’ shares fell more than 13% to $20.10 in premarket trading.
A special committee of independent directors has concluded that the best path forward for the company and its stockholders was to continue operating as an independent publicly traded company, Surgery Partners said.
Bain Capital, which in January offered to acquire all the remaining shares of the company it does not already own for $25.75 apiece, has a 38.97% stake in Surgery Partners, according to LSEG data.
The private equity firm did not immediately respond to Reuters’ request for comment.
Surgery Partners had previously attracted acquisition interest from private equity firm TPG and healthcare giant UnitedHealth Group, according to a Bloomberg News report in August 2024.
The surgical facility operator plans to host an investor day in the second half of 2025 to present its strategy and outlook.
The company also reiterated its annual revenue forecast of $3.3 billion to $3.45 billion, compared with analysts’ average estimate of $3.38 billion.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Leroy Leo)
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