Team Health Holdings
TEAM HEALTH (TMH) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Team Health Holdings, Inc
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Team Health Holdings, Inc. (NYSE: TMH) (“Team Health” or the “Company”) relating to the sale of the Company to affiliates of private equity firm Blackstone. On October 31, 2016, the two parties announced the signing of a definitive merger agreement pursuant to which Blackstone will acquire Team Health in a merger in a deal worth $6.1 billion. As a result of the merger, Team Health shareholders are only anticipated to receive $43.50 per share in cash in exchange for each share of Team Health.
Andrews & Springer’s investigation so far has revealed that the consideration Team Health shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is significantly less than the $61.00 price target set by an analyst at RBC Capital Markets on August 4, 2016 as well as the $52.00 target price set by an analyst at Canaccord Genuity on August 3, 2016. The $43.50 per share consideration is also below Team Health’s June 23, 2016 closing price of $44.65 per share. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.