Alliance HealthCare Services Receives an Expression of Interest from Its Controlling Shareholder to Acquire All Outstanding S...
December 12 2016 - 8:01AM
Business Wire
Alliance HealthCare Services, Inc. (NASDAQ: AIQ) (the “Company”,
“Alliance”, “we” or “our”), a leading national provider of
outsourced radiology, oncology and interventional services,
announced today that it has received a letter (the “Expression of
Interest”) describing a non-binding proposal from Tahoe Investment
Group Co., Ltd. (“Tahoe”), formerly known as Fujian Thai Hot
Investment Co., Ltd, to acquire all of the outstanding common
shares of Alliance that are not currently owned by THAIHOT
Investment Company Limited (“THAIHOT”), an indirect wholly owned
subsidiary of Tahoe. Tahoe has proposed a purchase price of $9.60
per share in cash.
As previously disclosed on March 29, 2016, Tahoe, through its
subsidiary, completed the purchase of the majority interest in
Alliance, owning an aggregate of approximately 52% of outstanding
common stock, and entered into a Governance, Voting and Standstill
Agreement (the “Governance Agreement”) with the Company.
The Board of Directors of the Company has authorized a Special
Committee, comprised solely of directors not affiliated with Tahoe,
to evaluate the Expression of Interest. The Special Committee has
engaged independent legal counsel and intends to engage an
independent financial advisor to assist in its evaluation of the
Expression of Interest. In connection with the Expression of
Interest, the Special Committee has agreed to waive the provision
of the Governance Agreement prohibiting THAIHOT and its affiliates,
including Tahoe, from proposing to acquire additional shares of the
Company’s common stock. The waiver is for the limited purpose of
submitting the Expression of Interest to the Special Committee.
The Expression of Interest indicated that any transaction with
Tahoe would be subject to approval by the Special Committee and a
non-waiveable condition requiring approval of a majority of the
shares of Alliance not owned by Tahoe or is affiliates. Tahoe also
indicated that the proposed transaction would not be subject to a
financing condition.
About Alliance HealthCare ServicesAlliance HealthCare
Services (NASDAQ: AIQ) is a leading national provider of outsourced
healthcare services to hospitals and providers. We also operate
freestanding outpatient radiology, oncology and interventional
services clinics, and Ambulatory Surgical Centers (“ASC”) that are
not owned by hospitals or providers. Diagnostic radiology services
are delivered through the Radiology Division (Alliance HealthCare
Radiology), radiation oncology services are delivered through the
Oncology Division (Alliance Oncology), and interventional and pain
management services are delivered through the Interventional
Division (Alliance Interventional). Alliance is the nation’s
largest provider of advanced diagnostic mobile imaging services, an
industry-leading operator of fixed-site imaging centers, and a
leading provider of stereotactic radiosurgery nationwide. As of
September 30, 2016, Alliance operated 619 diagnostic radiology and
radiation therapy systems, including 112 fixed-site radiology
centers across the country, and 32 radiation therapy centers and
SRS facilities. With a strategy of partnering with hospitals,
health systems and physician practices, Alliance provides quality
clinical services for over 1,000 hospitals and other healthcare
partners in 45 states, where approximately 2,400 Alliance Team
Members are committed to providing exceptional patient care and
exceeding customer expectations. For more information, visit
www.alliancehealthcareservices-us.com.
About TahoeTahoe is an investment holding company based
in Fuzhou, China, holding a diversified portfolio of assets in
various industries including real estate development, securities,
hospitality, biomedicine and healthcare. Tahoe was founded in 1996
and its total assets exceeded $13 billion as
of December 31, 2015. Tahoe’s diversified portfolio includes
controlling ownership in Thai Hot Group, one of the leading
real-estate developers in China listed on
the Shenzhen Stock Exchange (SZSE:000732). Tahoe is also
the third largest shareholder of the Shanghai Stock
Exchange listed Dongxing Securities (SHSE:601198).
Tahoe expanded its business landscape to include biomedicine and
healthcare industry by acquiring a large-scale pharmaceutical
company. In early 2015, Tahoe made healthcare and medical services
one of its top priorities, including radiology and oncology, and it
intends to expand healthcare services in
mainland China to an underserved healthcare marketplace.
Qisen Huang is the Founder and Chairman of Tahoe.
Forward-Looking StatementsThis press release contains
forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements relate to, without
limitation, the Company’s long-term value proposition, growth and
international market and other opportunities. Forward-looking
statements can be identified by the use of forward looking language
such as “believe,” “anticipate,” “expect,” “estimate,” “intend,”
“plan,” “project,” “will be,” “will continue,” “will result,”
“could,” “may,” “might,” or any variations of such words with
similar meanings. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. These statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected. For a complete list of risks and uncertainties, please
refer to the Risk Factors section of the Company’s Form 10-K for
the year ended December 31, 2015 filed with
the Securities and Exchange Commission.
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Alliance HealthCare Services, Inc.Rhonda Longmore-GrundExecutive
Vice PresidentChief Financial Officer949.242.5300
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