HCA Shareholders Approve $21.3 billion Buyout

Published on:
8 December 2006 at 06:33 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004945-hca-shareholders-approve-213-billion-buyo/

by Mike Bevel, CollectionIndustry.com

Reuters today is reporting that shareholders of HCA Inc. voted by an overwhelming majority to approve the company’s $21 billion leveraged buyout by private equity firms. HCA is the biggest U.S. hospital company.

Of the roughly 82 percent of shareholders who voted, nearly 73 percent voted for the deal, and 8.2 percent voted against it, Chief Executive Jack Bovender announced at the meeting.

Under terms of the deal, shareholders will get $51 per share, and the buyout group, which includes management, will assume about $11.7 billion in debt.