Amedisys agrees to merge with UnitedHealth, and terminates deal with Option Care Health

Amedisys Inc.
AMED,
-0.15%
disclosed Monday that it has agreed to merge with UnitedHealth Group Inc.
UNH,
-0.43%,
and terminated its merger with Option Care Health Inc.
OPCH,
+1.47%
agreed on in early-May. Under terms of deal with UnitedHealth, each Amedisys share will be converted into the right to receive $101 in cash, which represents as 10.7% premium to Friday’s closing price of $91.21. The agreement comes after the at-home healthcare services company disclosed in early-June that it had received a $100-a-shares cash bid from UnitedHealth’s Optum, which it believed would be considered “superior” to Option Care Health’s all-stock bid. Amedisys said Option Care Health will receive a $106 million deal-termination fee. Based on Amedisys’ 32.56 million shares outstanding as of April 28, UnitedHealth’s buyout bid values Amedisys at $3.29 billion. Once the deal closes Amedisys will become a wholly-owned subsidiary of UnitedHealth. Amedisys shares gained 0.3% in premarket trading, UnitedHealth’s stock edged up 0.2% and Option Care Health shares rallied 5.6%, while futures
ES00,
-0.06%
for the S&P 500
SPX,
-0.77%
slipped 0.1%.