Signify Health jumps on report CVS in talks to acquire for about $8 billion
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Signify Health (NYSE:SGFY) rose 7% in after hours trading on a report that CVS Health Corp. is in advance discussed to acquire the home-healthcare provider for about $8B.
CVS (NYSE:CVS) beat our rival bids from Amazon (AMZN) and UnitedHealth (UNH), according to a WSJ report. There's no guarantee that CVS will come to an agreement. UNH never submitted an official offer. Signify (SGFY) may be valued at more than $30/share in a deal, according to a report from Bloomberg.
Bids for Signify (SGFY) are due Tuesday, according to the report. Signify has a market cap of $6.6B.
The WSJ report comes after the newspaper first reported early last month that Signify (SGFY) was looking at strategic alternatives, including a possible sale. The shares have surged 57% since the Aug. 1 WSJ report, including a 32% jump on Aug. 22 amid reports that the home health service provider plans to conduct a board meeting to evaluate multiple buyout offers.
The bidders were said to include tech giant Amazon (AMZN), health insurers UnitedHealth (UNH), CVS Health (CVS), and home healthcare provider Option Care Health Inc. (OPCH).
UBS analyst Kevin Caliendo last month wrote in a note that he believed Signify (SGFY) may be valued at $30/share or more in a sale after a WSJ report that CVS was interested in bidding for the home healthcare company.