Private equity investment firm Bain Capital will be able to fill a seat on the board of directors of Acadia Healthcare once the Franklin-based company completes its $1.18 billion deal to buy CRC Health Group, which Bain has owned since 2006. Acadia's board now consists of nine members.
In an SEC filing detailing some of the nitty gritty of their plans, Acadia officials also say they have lined up CRC financing help from Merrill Lynch, Bank of America and Jefferies Capital. Among the plans are a new senior term loan of up to $580 million, bridge loans of up to $250 million and other long-term financing packages. Also detailed: Should Acadia's plan to buy CRC fall through, it will owe the California company $50 million.
HCA Holdings announced Monday that CEO Milton Johnson will become chairman of the company's board of directors on Dec. 31. On that day, Johnson will replace Richard Bracken, who is retiring. Bracken served as chairman of the board since 2009, and also served as CEO from 2009 to 2013.
"As a longtime HCA veteran and executive leader, Milton has a keen understanding of hospital operations and a strong commitment to HCA's patients-first culture," Bracken said in a release. "He is ideally suited to lead HCA to continued success.
Shares of HCA (Ticker: HCA) were down to $71.40. Year to date, they're up nearly 50 percent.
In his latest Dealpolitik column, Ronald Barusch writes that investors shouldn't get too worked up about hedge fund Elliott Advisors' nomination of a slate of directors for Family Dollar's board. It's a move he calls "largely pointless" because Family Dollar can bump back its annual meeting — the most recent one took place in January of this year — a bit to allow its pending sale to Dollar Tree to proceed.
By then, Family Dollar’s assertion that the Dollar Tree deal can attain early regulatory clearance will be tested, and shareholders would have their chance to choose whether to take that deal. And if both deals get bogged down at the FTC that long, I would expect both deals to emerge from the review at the same time—producing a head-to-head bidding war—unless one of the bidders has failed to come to a deal with the FTC.
Darden Restaurants, the owner of the Olive Garden and LongHorn concepts as well as a number of others, has a brand new board of directors, but veteran local restaurant executive Greg Burns is not a member of the club. Burns had been nominated by Darden as part of a proposal to limit the board influence of activist investor Starboard Value, but investors have chosen to completely replace the sitting board with a slate of Starboard nominees. Among the latter is Tractor Supply Chairman Cynthia Jamison.
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