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4-Traders Homepage  >  Equities  >  Nasdaq  >  Magellan Health Inc    MGLN

Delayed Quote. Delayed  - 07/22 10:00:00 pm
71.23 USD   +1.44%
07/18 MAGELLAN HEALTH : Toll-Free Number Remains Open to Assist Individual..
07/08 MAGELLAN HEALTH : Opens Toll-Free Number to Assist Individuals after..
07/06 MAGELLAN HEALTH : acquires Armed Forces Services Corp.
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MAGELLAN HEALTH : Other Events (form 8-K/A)

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07/18/2016 | 03:37pm CEST

Item 8.01. Other Events.

On July 1, 2016, Magellan consummated and closed (the "Closing") the previously announced acquisition of Armed Forces Services Corporation, a Virginia corporation ("AFSC") (such acquisition, the "Acquisition"), pursuant to the Share Purchase Agreement (the "Share Purchase Agreement"), dated as of May 15, 2016, by and among Magellan, Magellan Healthcare, Inc., a Delaware corporation and a wholly-owned subsidiary of Magellan ("Magellan Healthcare"), AFSC and the shareholders of AFSC (collectively, the "Sellers"). Headquartered in Arlington, Virginia, AFSC provides management consulting and program delivery to its clients, holds approximately 60 contracts with the federal government, and has 1,800 employees and subcontractors, with operations in all 50 states, three territories and eight countries. As a result of the Acquisition, AFSC will operate as a wholly-owned subsidiary of Magellan Healthcare.

As consideration for the Acquisition, Magellan Healthcare paid $117.5 million in cash (the "Base Price") for all of the outstanding capital stock of AFSC, subject to working capital adjustments as provided in the Share Purchase Agreement. Pursuant to the Share Purchase Agreement, certain Sellers of AFSC purchased a total of $4.0 million in Magellan restricted common stock, which will vest over a two-year period. In addition to the Base Price, the Share Purchase Agreement provides for a cash payment of up to $10.0 million, contingent on the retention of certain core business of AFSC. Of the $117.5 million paid by Magellan Healthcare at the Closing, $5.0 million (the "Escrow Amount") was deposited into an escrow account to be used to pay amounts, if any, as a result of post-closing adjustments payable to Magellan Healthcare and in connection with the Sellers' indemnification obligations under the Share Purchase Agreement. To the extent any post-closing adjustments payable to Magellan Healthcare and Magellan's claims for indemnification do not exceed the Escrow Amount, the holdback will be released to Sellers on the fifteen-month anniversary of the Closing.

The foregoing is only a brief description of the Acquisition and the Share Purchase Agreement, does not purport to be complete and is qualified in its entirety by the Share Purchase Agreement, a copy of which will be filed with Magellan's next quarterly report on Form 10-Q.

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© Edgar Online, source Glimpses

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Latest news on MAGELLAN HEALTH INC
07/18 MAGELLAN HEALTH : Other Events (form 8-K/A)
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Financials ($)
Sales 2016 4 722 M
EBIT 2016 127 M
Net income 2016 64,7 M
Debt 2016 324 M
Yield 2016 -
P/E ratio 2016 26,98
P/E ratio 2017 21,01
EV / Sales 2016 0,44x
EV / Sales 2017 0,45x
Capitalization 1 764 M
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Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 70,5 $
Spread / Average Target -1,0%
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Managers
NameTitle
Barry M. Smith Chairman & Chief Executive Officer
Jonathan N. Rubin Chief Financial Officer & Executive Vice President
Gary D. Anderson Chief Information Officer
Karen Amstutz Chief Medical Officer
Srinivas Koushik Chief Technology Officer
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