Shares of Cross Country Healthcare Inc. (CCRN) surged nearly 64% in pre-market activity on the Nasdaq, following the announcement of the company's acquisition by Aya Healthcare. This workforce solutions and advisory firm, valued at approximately $615 million, will be purchased for $18.61 per share in cash by Aya Healthcare, the leading healthcare talent software and staffing company in the United States.
This all-cash transaction offers a 67% premium on Cross Country's closing price as of December 3 and a 68% premium on the volume-weighted average trading price of the preceding 30-day period, culminating on the same day. The deal is anticipated to be concluded in the first half of 2025, contingent on the approval of Cross Country's shareholders and the fulfillment of other standard closing prerequisites, including regulatory clearances. Importantly, the transaction is not subject to a financing condition.
Cross Country’s Board of Directors has unanimously endorsed the merger agreement, and they plan to advise shareholders to vote in favor at a forthcoming Special Meeting of Stockholders, which will be scheduled promptly. Upon finalization of the acquisition, Cross Country will transition into a private entity, resulting in its common stock ceasing to trade on the NASDAQ.
The proposed merger aims to broaden Aya’s services by incorporating Cross Country's expertise in clinical services within non-clinical settings, such as schools and homes, in addition to travel nursing, allied health, per diem, permanent staff placements, interim leadership, locum tenens, and non-clinical professionals across all 50 states.
As of the pre-market session on the Nasdaq, Cross Country's shares were trading at $18.28, reflecting an increase of 63.80%.
