Radiation Therapy Services, Inc. Completes Merger with an Affiliate of Vestar Capital Partners, L.P.
22 February 2008 - 7:46AM
Business Wire
Radiation Therapy Services, Inc. (NASDAQ:RTSX) announced today the
completion of its previously announced $1.1 billion merger with an
affiliate of Vestar Capital Partners, L.P. At a special meeting
held on February 6, 2008, the shareholders of Radiation Therapy
Services voted to approve the merger agreement that the Company
entered into on October 19, 2007. Under the terms of the merger
agreement, Radiation Therapy Services shareholders are entitled to
receive $32.50 in cash, without interest, for each share of
Radiation Therapy Services common stock held. Effective as of the
closing of the market today, Radiation Therapy Services common
stock will cease to be traded on the NASDAQ Stock Market. In
commenting on the closing of the merger, Dr. Daniel E. Dosoretz,
Chief Executive Officer of Radiation Therapy Services, said, �We
recognize the effort of Vestar and all parties to ensure the timely
completion of the merger in today�s difficult financing market. We
are pleased to partner with a prominent private equity firm that
shares our commitment to the Company and its mission of delivering
the highest quality of care.� James L. Elrod, Jr., managing
director of Vestar Capital Partners, L.P., added, �We are pleased
to successfully close this transaction and appreciate all the hard
work undertaken by management, our financing sources and advisors
to achieve this outcome. We are very excited about the opportunity
and the ability to work alongside a very talented and experienced
management team and extraordinary group of physicians.�
Shareholders of Radiation Therapy Services who possess stock
certificates will receive instructions by mail from American Stock
Transfer & Trust Company, the paying agent, concerning how and
where to forward their certificates for payment of the merger
consideration. For shares held in �street name� by a broker, bank
or other nominee, shareholders will not need to take any action to
have shares converted into cash, as this will be handled by the
broker, bank or other nominee. Questions about the deposit of
merger proceeds should be directed to the appropriate broker, bank
or other nominee. The merger consideration and refinancing of
previously existing debt was provided by affiliates of Vestar and
through financing arranged by Wachovia Capital Markets, LLC, BNP
Paribas Securities Corp. and Sumitomo Mitsui Banking Corporation.
Wachovia Capital Markets acted as financial advisor to Radiation
Therapy Services in connection with the transaction. Morgan Joseph
& Co. Inc. served as financial advisor to the Special Committee
of the Board of Directors. Shumaker, Loop & Kendrick, LLP
served as legal counsel to Radiation Therapy Services. Kirkland
& Ellis LLP and Kennedy Covington Lobdell & Hickman, L.L.P
served as legal counsel to Vestar. About Radiation Therapy
Services, Inc. Radiation Therapy Services, Inc., which operates
radiation treatment centers primarily under the name 21st Century
Oncology, is a provider of radiation therapy services to cancer
patients. The Company�s 84 treatment centers are clustered into 27
local markets in 16 states, including Alabama, Arizona, California,
Delaware, Florida, Kentucky, Maryland, Massachusetts, Michigan,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode
Island and West Virginia. The Company is headquartered in Fort
Myers, Florida. More information about the Company can be found at
its Web site http://www.rtsx.com. About Vestar Vestar Capital
Partners is a leading international private equity firm
specializing in management buyouts and growth capital investments.
The firm�s investment strategy is targeted towards companies in the
U.S., Europe and Japan with valuations in the $100 million to $5
billion range. Since the firm�s founding in 1988, the Vestar funds
have completed over 60 investments in companies with a total value
of approximately $22 billion. These companies have varied in size
and geography and span a broad range of industries. The firm�s
strategy is to invest behind incumbent management teams, family
owners or corporations in a creative, flexible and entrepreneurial
way with the overriding goal to build long-term franchise value.
Vestar currently manages funds with committed capital totaling
approximately $7 billion and has offices or affiliates operating in
New York, Boston, Denver, Milan, Munich and Tokyo.
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