November 4, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of TeamHealth Holdings Inc (NYSE:TMH), was announced concerning whether the takeover of TeamHealth Holdings Inc by funds affiliated with Blackstone and certain co-investors for $43.50 per share is unfair to NYSE:TMH stockholders.
The investigation by a law firm concerns whether certain officers and directors of TeamHealth Holdings Inc breached their fiduciary duties owed to NYSE:TMH investors in connection with the proposed acquisition.
On October 31, 2016, TeamHealth Holdings Inc (NYSE:TMH) announced that it has entered into an agreement to be acquired by funds affiliated with Blackstone and certain co-investors in a transaction valued at approximately $6.1 billion. Under the terms of the agreement Blackstone and its co-investors will acquire all of the outstanding shares of TeamHealth Holdings Inc (NYSE:TMH) common stock for $43.50 per share in cash.
However, given that at least one analyst has set the high target price for NYSE:TMH shares at $50.00 per share, the investigation concerns whether the offer is unfair to NYSE:TMH stockholders.
In addition, given that JANA Partners LLC has already entered into a voting agreement pursuant to which JANA Partners LLC has agreed to vote its beneficially owned shares, totaling approximately 8 percent of the outstanding shares of TeamHealth common stock, in favor of the transaction, the investigation concerns whether the TeamHealth Holdings Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
TeamHealth Holdings Inc reported that its annual Total Revenue rose from over $2.81 billion in 2014 to over $3.59 billion in 2015.
Shares of TeamHealth Holdings Inc (NYSE:TMH) reached in 2015 as high as $67.41 per share.
On November 4, 2016, NYSE:TMH shares closed at $42.65 per share.