Tender Offer Extended
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TUSTIN — Sun Healthcare Group Inc. said it extended its tender offer to buy Tustin-based Regency Health Services Inc. at $22 a share, giving the Albuquerque company more time to wrap up regulatory affairs in its bid to become one of the biggest nursing home chains.
The offer, under which Sun plans to buy Regency for about $589 million in cash and assumed debt, was announced July 27 and launched Aug. 21. The offer was extended to Oct. 7 from the original deadline of Sept. 15.
About 233,959 Regency shares had been tendered as of the close of trading Wednesday, giving Sun about 1.5% of Regency, Sun said. The offer is contingent on Sun’s acquiring a majority of Regency.
Sun spokeswoman Phyllis Goodman said it is common for shareholders to wait until the last minute to tender their shares.
The merger would create a company with 510 facilities in the U.S. and Britain, and more than $3 billion in revenue.
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