Enhabit Concludes Review of Strategic Alternatives
09 5월 2024 - 5:15AM
Business Wire
Continues to Execute on Operating Plan;
Commences Planned Board Transition
Enhabit, Inc. (NYSE: EHAB), a leading home health and hospice
provider, today announced Enhabit’s Board of Directors (the
“Board”) has concluded the Company’s strategic review process,
announced in August 2023, which was overseen by the Board with
assistance from its financial and legal advisors, Goldman Sachs and
Sidley Austin, respectively. After evaluating a full range of
strategic alternatives, including a potential sale, merger or other
transaction, the Board unanimously determined that continuing to
execute on the Company’s strategic plan as an independent, public
company is in the best interests of the Company and its
shareholders at this time.
The Company and its advisors ran a thorough strategic review
process that concentrated on a merger or acquisition of the
Company. The Board directed the Company’s financial advisor to
identify potential strategic partners and financial sponsors that
might be interested in an acquisition of or strategic combination
with the Company. In addition to inbound inquiries, outreach was
conducted to a comprehensive range of strategic and financial
counterparties. The Company executed Non-Disclosure Agreements with
a broad number of counterparties and received indications of
interest from a variety of counterparties.
There was serious interest based on parties’ engagement in the
process; however, the Company did not receive any formal proposals
for a transaction. “We believe macro headwinds including, among
other things, uncertain regulatory developments including Medicare
reimbursement policies throughout the healthcare industry and an
evolving antitrust landscape, a difficult healthcare operating
environment, and persistently high interest rates ultimately
stifled possibilities for a transaction that would enhance
shareholder value,” said Chairperson of the Board Leo Higdon.
“Considering this, and other strategic alternatives reviewed with
advisors during the review process, the Board determined the best
way to enhance shareholder value at this time is to continue to
operate as a stand-alone business. The Board looks forward to
working with the management team to lead the Company’s execution on
its operating plan. The Board remains committed to enhancing value
for all shareholders and will continue to be open to and evaluate
all opportunities to do so.”
The Board and management team remain focused on the Company’s
financial and operating results. “With the strategic alternatives
review process concluded, the management team is focused on
operating Enhabit’s core businesses,” said President and Chief
Executive Officer Barbara Jacobsmeyer. “Our momentum exiting 2023
and through the first quarter of 2024, in which we hired additional
frontline clinicians, negotiated more and better home health payor
contracts, and controlled G&A expenses, instills excitement in
our strategy and team, and we are confident we are taking the right
steps to drive future growth to increase shareholder value.”
Confirms Previously Disclosed Board Transition
Today, the Company’s Board consists of 13 directors, 12 of whom
are independent directors, including five legacy independent
directors who previously served on Encompass Health Corporation’s
(“Encompass”) board of directors prior to the Company’s separation
from Encompass in July 2022. The Company believes service by the
legacy Encompass directors on a transitional basis over the past
two years was invaluable to the public company transition of the
new company. In addition to their historical knowledge of the
business and public company board experience, their leadership in
recruiting directors with diverse skill sets and wide-ranging
experience will benefit the Company going forward. As previously
disclosed, including in the Company’s proxy statement for last
year’s 2023 annual meeting of shareholders, the Nominating &
Corporate Governance Committee of the Board is committed to an
orderly transition of four of the five legacy Encompass board
members by this year’s 2024 annual shareholder meeting, which will
result in a board size of nine directors. The four legacy directors
who will not stand for election are Leo I. Higdon, Yvonne M. Curl,
John E. Maupin, Jr., and L. Edward Shaw, Jr.
About Enhabit Home Health & Hospice
Enhabit Home Health & Hospice (Enhabit, Inc.) is a leading
national home health and hospice provider working to expand what’s
possible for patient care in the home. Enhabit's team of clinicians
supports patients and their families where they are most
comfortable, with a nationwide footprint spanning 255 home health
locations and 112 hospice locations across 34 states. Enhabit
leverages advanced technology and compassionate teams to deliver
extraordinary patient care. For more information, visit
ehab.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240508996605/en/
Investor relations contact Crissy Carlisle
investorrelations@ehab.com 469-860-6061
Media contact Erin Volbeda media@ehab.com
972-338-5141
Enhabit (NYSE:EHAB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Enhabit (NYSE:EHAB)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024