Emergent Group Inc. (AMEX: LZR) Agrees to be Acquired by UHS

Emergent Group Inc. (AMEX: LZR) announced that they have entered into an agreement with Universal Hospital Services, Inc. (UHS) whereby UHS will acquire Emergent for a consideration of $8.46 per share in cash, or a total consideration of $70 million including debt assumption. The Company announced that it has signed a definitive agreement with Universal Hospital Services, Inc. (UHS), whereby UHS will make a cash tender offer of $8.46 per share for all outstanding shares of Emergent Group after a customary “go-shop” period of 21 days. The total enterprise value of the transaction including debt assumption is anticipated approximately at $70 million. A tender offer is expected to commence during the early March 2011, with the deal expected to close within 45 to 90 days. The offer price of $8.46 is 39.60% more than the LZR's closing price on Friday. Commenting on the deal, Bruce J. Haber, Chairman and CEO of both Emergent Group and PRI Medical said “This transaction represents a new opportunity for PRI Medical and its employees to bring its cost-effective solutions nationwide through Universal Hospital Services’ extensive distribution network covering all 50 states. We also believe that the transaction will be highly beneficial to shareholders. Emergent Group’s leadership has always acted with our shareholders in mind, as evidenced by our past efforts to enhance shareholder value and our Board’s declarations of sizeable annual dividends.” Shares of the company jumped 38.12% or $2.31 and closed at $8.37 after the company agreed to be acquired by Universal Hospital Services, Inc. for $8.46 per share. A leading provider of mobile medical lasers and surgical equipment opened at $8.37 and traded in the range of $8.30-$8.43 with volume of 548,211 shares, above the daily average of 11,269 shares. Over the past 52 week, the stock has been in the range of $4.71-$8.96. Currently, the market capital of the stock stands at $57.74 million. Emergent Group Inc. (Emergent) is the parent company of PRI Medical Technologies, Inc., its wholly owned and primary operating subsidiary (PRI Medical). PRI Medical is a provider of surgical equipment on a fee for service basis to hospitals, surgical care centers and other healthcare providers. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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