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Amedisys agrees to $3.3 billion UnitedHealth offer, scraps Option Care deal
© Reuters. FILE PHOTO: The corporate logo of the UnitedHealth Group appears on the side of one of their office buildings in Santa Ana, California, U.S., April 13, 2020. REUTERS/Mike Blake/File Photo
(Reuters) -Home health and hospice caregiver Amedisys (NASDAQ:) on Monday agreed to be bought for $3.3 billion, agreeing to a sweetened cash offer from UnitedHealth Group (NYSE:) while scraping an all-stock deal with Option Care Health (NASDAQ:)
UnitedHealth is buying the company for $101 per share, which is a dollar higher than its previous offer and above the $97.38 per share all-stock deal with Option Care in May.
Option Care said it was “disappointed” with the cancellation of the deal. It will receive $106 million from Amedisys as per its May agreement.
Interest in the home health sector has been rising since the pandemic as patients and caregivers increasingly prefer accessing medical services from the safety of their homes. The acquisition will expand UnitedHealth’s presence in home healthcare, a business it bolstered this year through a $5.4 billion deal to buy Amedisys’ rival, LHC Group (NASDAQ:).
UnitedHealth’s presence in the segment through the LHC acquisition, however, has stoked some anti-trust concerns about the deal for Amedisys.
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