Radiation Therapy Services (MM) (NASDAQ:RTSX)
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From Jul 2019 to Jul 2024
Radiation Therapy Services, Inc. (NASDAQ:RTSX) announced today the
completion of its previously announced $1.1 billion merger with an
affiliate of Vestar Capital Partners, L.P. At a special meeting held on
February 6, 2008, the shareholders of Radiation Therapy Services voted
to approve the merger agreement that the Company entered into on October
19, 2007. Under the terms of the merger agreement, Radiation Therapy
Services shareholders are entitled to receive $32.50 in cash, without
interest, for each share of Radiation Therapy Services common stock
held. Effective as of the closing of the market today, Radiation Therapy
Services common stock will cease to be traded on the NASDAQ Stock Market.
In commenting on the closing of the merger, Dr. Daniel E. Dosoretz,
Chief Executive Officer of Radiation Therapy Services, said, “We
recognize the effort of Vestar and all parties to ensure the timely
completion of the merger in today’s difficult
financing market. We are pleased to partner with a prominent private
equity firm that shares our commitment to the Company and its mission of
delivering the highest quality of care.”
James L. Elrod, Jr., managing director of Vestar Capital Partners, L.P.,
added, “We are pleased to successfully close
this transaction and appreciate all the hard work undertaken by
management, our financing sources and advisors to achieve this outcome.
We are very excited about the opportunity and the ability to work
alongside a very talented and experienced management team and
extraordinary group of physicians.”
Shareholders of Radiation Therapy Services who possess stock
certificates will receive instructions by mail from American Stock
Transfer & Trust Company, the paying agent, concerning how and where to
forward their certificates for payment of the merger consideration. For
shares held in “street name”
by a broker, bank or other nominee, shareholders will not need to take
any action to have shares converted into cash, as this will be handled
by the broker, bank or other nominee. Questions about the deposit of
merger proceeds should be directed to the appropriate broker, bank or
other nominee.
The merger consideration and refinancing of previously existing debt was
provided by affiliates of Vestar and through financing arranged by
Wachovia Capital Markets, LLC, BNP Paribas Securities Corp. and Sumitomo
Mitsui Banking Corporation.
Wachovia Capital Markets acted as financial advisor to Radiation Therapy
Services in connection with the transaction. Morgan Joseph & Co. Inc.
served as financial advisor to the Special Committee of the Board of
Directors. Shumaker, Loop & Kendrick, LLP served as legal counsel to
Radiation Therapy Services. Kirkland & Ellis LLP and Kennedy Covington
Lobdell & Hickman, L.L.P served as legal counsel to Vestar.
About Radiation Therapy Services, Inc.
Radiation Therapy Services, Inc., which operates radiation treatment
centers primarily under the name 21st Century Oncology, is a provider of
radiation therapy services to cancer patients. The Company’s
84 treatment centers are clustered into 27 local markets in 16 states,
including Alabama, Arizona, California, Delaware, Florida, Kentucky,
Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North
Carolina, Pennsylvania, Rhode Island and West Virginia. The Company is
headquartered in Fort Myers, Florida. More information about the Company
can be found at its Web site http://www.rtsx.com.
About Vestar
Vestar Capital Partners is a leading international private equity firm
specializing in management buyouts and growth capital investments. The
firm’s investment strategy is targeted towards
companies in the U.S., Europe and Japan with valuations in the $100
million to $5 billion range. Since the firm’s
founding in 1988, the Vestar funds have completed over 60 investments in
companies with a total value of approximately $22 billion. These
companies have varied in size and geography and span a broad range of
industries. The firm’s strategy is to invest
behind incumbent management teams, family owners or corporations in a
creative, flexible and entrepreneurial way with the overriding goal to
build long-term franchise value. Vestar currently manages funds with
committed capital totaling approximately $7 billion and has offices or
affiliates operating in New York, Boston, Denver, Milan, Munich and
Tokyo.