Psychiatric Solutions, Inc. Announces Approach from Third Parties Regarding Potential Sale
March 10 2010 - 3:25PM
Business Wire
Psychiatric Solutions, Inc. (“PSI”) (NASDAQ: PSYS) announced
today that it has been approached by third parties in connection
with a potential acquisition of PSI. In order to consider possible
responses, PSI has formed a special committee of the Board of
Directors, which has retained Goldman, Sachs & Co. and Shearman
& Sterling LLP as its financial and legal advisors,
respectively.
There can be no assurance that any transaction for a purchase of
PSI will take place. PSI does not expect to make further public
comments regarding these matters unless and until it enters into a
definitive agreement with respect to a transaction or determines
that none will be pursued.
About Psychiatric Solutions, Inc.
PSI offers an extensive continuum of behavioral health programs
to critically ill children, adolescents and adults and is the
largest operator of owned or leased freestanding psychiatric
inpatient facilities with over 11,000 beds in 32 states, Puerto
Rico and the U.S. Virgin Islands. PSI also manages freestanding
psychiatric inpatient facilities for government agencies and
psychiatric inpatient units within medical/surgical hospitals owned
by others.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements other than those made solely with
respect to historical fact and are based on the intent, belief or
current expectations of PSI and its management. PSI's business and
operations are subject to a variety of risks and uncertainties that
might cause actual results, prospects or opportunities to differ
materially from those expressed in, or implied by, any
forward-looking statements. Factors that could cause such
differences include, but are not limited to: (1) general economic
and business conditions; (2) PSI's ability to comply with
applicable licensure and accreditation requirements; (3) risks
inherent to the health care industry, including government
investigations, the impact of unforeseen changes in regulation,
decreases in reimbursement rates from federal and state health care
programs or managed care companies and exposure to claims and legal
actions by patients, stockholders and others; (4) the ability to
receive timely additional financing on terms acceptable to PSI to
fund PSI's acquisition strategy and capital expenditure needs; and
(5) PSI's ability to improve the operations of its inpatient
facilities and successfully integrate recently acquired operations.
The forward-looking statements herein are qualified in their
entirety by the risk factors set forth in PSI's filings with the
Securities and Exchange Commission. PSI undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers should not place
undue reliance on forward-looking statements, which reflect
management's views only as of the date hereof.
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